RIYADH: The Saudi Arabian Mining Co., or Ma’aden, will analyze terabytes of data from Aramco’s warehouses as part of its efforts to build two mines, its CEO revealed.
In a discussion titled “Ma’aden: Saudi Arabia’s Mining Industry Pioneer” on the first day of the Public Investment Fund Private Sector Forum, taking place from Feb. 12-13 in Riyadh, Robert Wilt explained that the company intends to test the core samples using artificial intelligence as part of its 2025 key performance indicators.
This falls in line with the Kingdom’s goal to increase the mining industry’s gross domestic product contribution from $17 billion to $75 billion by 2035.
It also aligns well with Saudi Arabia’s efforts to establish mining as the third pillar of the nation’s industrial economy.
“We are in the process of finalizing the joint venture with Aramco to partner together to explore all of the Arabian platform. Our efforts to date have been focused on the Arabian Shield. Aramco has been exploring the platform for oil and gas now for 80 some years. They’ve got, I can’t tell you how many terabytes of data and core samples in warehouses as big as this hall that have not been tested for minerals,” Wilt said.
“Another one of our KPIs this year is to find two mines by mining that data using artificial intelligence. So, we’re throwing technology, AI, digitization, and innovation across everything from exploration all the way through processing to reduce costs, make it more sustainable, and most of all for us is acceleration,” he added.
During the talk, the CEO also shed light on the fact that Ma’aden is utilizing 72 percent of its exploration budget this year on copper.
This comes as the company has not “really spent as much time looking for the energy transition metals and some of the other minerals that we know are here,” Wilt said.
He added: “Just this year, we’ve announced two or three major gold discoveries and we’re on the precipice of announcing two copper discoveries. So, I can tell you the minerals are here and it’s just up to us to get them out of the ground, to extract them sustainably, safely, responsibly.”
The CEO also emphasized that the firm is only 10 to 15 years old and that it is already the third-largest exporter of phosphate fertilizers.
“We’re the fastest growing mining company in the world for the last five years and we’re the eighth-most valuable mining company in the world by market capitalization. So, a meteoric rise over the last decade and a half,” Wilt said.
He added: “We need to make this thing 10 times bigger by 2040. So, the aspiration is to not be one of the most valuable mining companies in the world — has to be the most valuable mining company in the world. It is to feed more than 10 percent of the world’s population; it is to provide the metals and minerals required for the downstream diversification across the Kingdom, whether it’s aluminum, copper, lithium, zinc.”
The CEO noted that the company estimates that there are $2.5 trillion worth of reserves buried in the sands of Saudi Arabia.
“If you look at the $2.5 trillion, 45 percent of its phosphate, and we know where that is. We’re already mining it; we’re already producing it. It’s the biggest part of our business,” Wilt said.
“But then some of the exotic minerals like rare earth elements, you know, we’re close to being able to talk about that publicly. There’s a lot of interest in the Kingdom for some from some near-stage discoveries where we’re making there, so I would say probably 60 percent has been actively explored, and then the 40 percent we’ve got to accelerate through to the pipeline,” he added.
The forum, which will unite more than 90 PIF-backed companies, seeks to strengthen supply chains, boost local manufacturing, and accelerate economic diversification under Vision 2030.
Now in its third year, the event will spotlight business opportunities with the sovereign wealth fund and its portfolio companies, identify potential prospects for investors and suppliers, and expand avenues for collaboration. It will also serve as a bridge between PIF, its portfolio companies, and the private sector, reinforcing localization efforts.
