Ma'aden to Form JV With Midana Exploration for Mineral Mining in Saudi Arabia

02:34 AM EST, 12/29/2025 (MT Newswires) -- Saudi Arabian Mining Co. (SASE:1211), d/b/a Ma'aden, is forming a joint venture with Australia-based Midana Exploration for the mining and selling of minerals in Saudi Arabia. With an initial share capital of $5 million, the venture will be 50.1% owned by the mining company and 49.9% by Midana Exploration, according to a Monday filing. The venture will start with the exploration at the Nabita Ad-Duwayhi gold belt, which was recently awarded an exploration license by the Ministry of Industry and Mineral Resources. The partnership remains subject to regulatory and corporate approvals.