In a significant move that underscores the growing international interest in Saudi Arabia’s mining sector, Midana Exploration Pty Ltd (Hancock) and Saudi Arabian Mining Company (Maaden) have been awarded five exploration licenses in the Nabita Ad-Duwayhi Gold-Belt. The licenses were presented during the Future Minerals Forum in Riyadh on 14 January 2026, marking a pivotal moment for the Hancock-Maaden joint venture, which was established in December 2025 to accelerate exploration efforts in the Kingdom.
The joint venture aims to cover the entire spectrum of mineral activities, from exploration and development to mining, sales, and marketing. This collaboration is not just a business endeavor but a strategic alignment with Saudi Arabia’s ambitious “Vision 2030,” which seeks to diversify the economy and position the Kingdom as a global leader in the mining industry.
Mrs. Rinehart, Executive Chairman of Hancock, expressed enthusiasm about the Kingdom’s vision and the company’s role in it. “We are excited by the Kingdom’s ambition to build a world-leading mining industry outlined in its ‘Vision 2030’ and well reflected in its pro-mining policies,” she said. Mrs. Rinehart highlighted Hancock’s extensive experience, including the successful development of the US$10 billion Roy project, which was completed on time and on budget—a rare achievement in the mining industry. She emphasized that Hancock’s commitment to innovation, technology, and continuous improvement would be pivotal in bringing success to Saudi Arabia’s mining sector.
Bob Wilt, CEO of Maaden, echoed this sentiment, noting that the partnership with Hancock would significantly speed up exploration efforts. “We have been actively ramping up our exploration efforts across the Kingdom. Working in partnership with Hancock, this program will speed up discovery. It also ensures we can build, develop, and operate at pace and scale, all while developing a talent pipeline and a global mineral hub,” Wilt stated. This collaboration is expected to not only accelerate the discovery of mineral resources but also foster the development of a skilled workforce and establish Saudi Arabia as a key player in the global mineral market.
Garry Korte, CEO of Hancock, also shared his excitement about the venture. “Hancock is excited to start work in such a pro-mining country. Driven by our Chair’s vision and enthusiasm, Hancock has a deep commitment to innovation, technology, and continuous improvement—all key to our endeavors to also bring success in the Saudi Arabian mining industry,” he said. This commitment to innovation and technology is crucial, as it aligns with the Kingdom’s goals of leveraging cutting-edge solutions to drive its mining sector forward.
The awarding of these licenses is a clear indication of the confidence that international mining companies have in Saudi Arabia’s mining potential and its supportive regulatory environment. It also highlights the Kingdom’s strategic efforts to attract foreign investment and expertise to develop its mineral resources. As the Hancock-Maaden joint venture begins its exploration activities, it will be closely watched by industry observers, who will be keen to see how this partnership unfolds and what impact it will have on the broader mining landscape in Saudi Arabia and beyond.
This development could set a precedent for other international mining companies considering similar ventures in the Kingdom. The success of the Hancock-Maaden joint venture could serve as a model for future collaborations, demonstrating the benefits of combining local expertise with international experience and technology. Moreover, it could spur further investment in exploration and development, leading to the discovery of new mineral deposits and the expansion of existing operations.
In the broader context, this news could also influence the global mining industry’s perception of Saudi Arabia as a destination for investment. The Kingdom’s proactive approach to developing its mining sector, coupled with its strategic vision and supportive policies, could attract more international players, leading to increased competition and innovation. This could, in turn, drive the development of new technologies and practices that could be applied not just in Saudi Arabia but globally.
As the Hancock-Maaden joint venture embarks on its exploration activities, the mining industry will be watching closely. The success of this venture could have far-reaching implications, not just for the companies involved but for the entire mining sector. It could serve as a catalyst for further investment and development, helping to position Saudi Arabia as a leading player in the global mining industry.