Saudi Arabian Mining Company (Maaden) and Midana Exploration Pty Ltd (Hancock) have entered into a shareholders’ agreement to establish a joint venture in the Kingdom of Saudi Arabia (the JV) to accelerate exploration efforts.
This follows the recent successful bid for exploration licenses by the Ministry of Industry and Mineral Resources (MIMR) across three new mineral belts in the Nabita Ad- Duwayhi Gold-Belt of the Kingdom of Saudi Arabia, covering a total area of over 24 000 km2. Maaden will own 50.1% of the joint venture which will conduct exploration, development, mining, sales, and marketing of minerals in licensed areas in the Kingdom.
The effectiveness of the Shareholders’ Agreements and the incorporation of the JV is conditional upon the satisfaction or waiver of certain condition precedent including but not limited to obtaining all the required corporate, regulatory approvals, and antitrust clearance.