Australia's richest person, Gina Rinehart, has secured a major foothold in the Middle East after her company, Hancock Prospecting, won a bid for five licences to explore for gold in Saudi Arabia.
A Strategic Partnership with Saudi's Mining Giant
The landmark deal, announced last week, involves Hancock's subsidiary, Midana Exploration, partnering with Saudi Arabia's rapidly expanding state-owned mining company, Maaden. This joint venture, finalised in December 2024, marks a significant step for the Western Australia-centred mining empire as it broadens its global horizons.
Mrs Rinehart publicly praised Saudi Arabia's approach, stating the kingdom's "pro-mining policies" were a key attraction. "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 in a statement.
Targeting Gold in the Nabita Ad-Duwayhi Belt
The joint venture will focus its exploration efforts on the Nabita Ad-Duwayhi Gold-Belt, an area believed to be adjacent to one of Maaden's existing gold mines. This move comes as record-breaking gold prices over the past 12 months have reignited global interest and investment in the precious metal.
For Saudi Arabia, this partnership aligns with its ambitious "Vision 2030" economic plan, which aims to diversify the kingdom's economy away from decades of reliance on oil. The government has identified mining as a future "key pillar" of its national growth strategy.
Hancock's Portfolio Diversification and Expertise
Hancock Prospecting is similarly working to diversify its own portfolio beyond its iron ore foundations. The company has recently made substantial investments into critical minerals, including:
- Rare earths through stakes in MP Materials and Lynas Rare Earths.
- Lithium via investments in Liontown Resources and Vulcan Energy Resources.
Mrs Rinehart highlighted her company's proven track record in delivering massive projects, specifically pointing to the US$10 billion Roy Hill iron ore project, which was completed on time and on budget.
This venture is believed to be the first time an Australian business has partnered directly with Saudi Arabia's state-owned mining company. Maaden's chief executive, Bob Wilt, said the partnership would accelerate discovery and operational scale. "Working in partnership with Hancock, this program will speed up discovery. It also ensures we can build, develop and operate at pace and scale," Mr Wilt said.
The deal cements Gina Rinehart's status as a mining magnate with an increasingly international focus, leveraging Australian expertise to tap into new resources in one of the world's most ambitious emerging mining jurisdictions.
