Maaden OGM elects board members, approves Arabian Shield mining project

Maaden headquarters

Saudi Arabian Mining Co. (Maaden) said shareholders approved the election of the board of directors from among the nominated candidates for a new term starting on Oct. 25, 2026, and ending on Oct. 24, 2030.

The approval was granted during the company’s ordinary general meeting (OGM) held on Oct. 14, according to a Tadawul statement.

The board members are Yasir Al-Rumayyan, Khalid Al-Mudaifer, Ahmed Al-Haqbani , Richard O’Brien, Manar Almoneef, Sofia Bianchi, Ann-Christin Andersen, Mohammed Al-Qahtani, Abdallah Al-Dossari, Robert Wilt and Ahmad Alsaadi.

The company added that shareholders also approved the transactions and contracts entered into between Maaden Gold & Base Metals Holding Co., a wholly owned subsidiary of Maaden, and Saudi Aramco Development Co., a wholly owned subsidiary of Saudi Aramco.

Al-Rumayyan, as Chairman of Aramco, and Al-Qahtani, as a senior executive at Aramco, have an indirect interest in the transactions.

These transactions involve a shareholders’ agreement to establish a joint venture (JV) to develop and exploit mineral resources in the Arabian Shield.

The new company will have initial paid-up capital of SAR 197.5 million, with no preferential terms.

According to data available with Argaam, Saudi Aramco and Maaden signed a shareholders’ agreement last August to establish a JV focused on mineral exploration and hard-rock mining in the Kingdom, particularly copper and other minerals.

Maaden was expected to hold a 51% stake in the JV, while Saudi Aramco will own the remaining 49%.

The venture was set to focus on exploring Zone 4, known as the Transition Zone, within the Arabian Platform.

The exploration area covers approximately 182,000 square kilometers, or around 10% of the Kingdom’s total area, extending along a 100-kilometer-wide zone parallel to the Arabian Shield.