Base Metals
Saudi state mining giant steps up search for copper
Ma’aden, officially known as the Saudi Arabian Mining Co., plans to spend $2.5 billion a year for the next five to six years to expand its phosphate and gold mining operations and to develop new mines, but will pivot its metals exploration at home from gold to copper, spending 72% of its budget on copper, Bob Wilt said in an interview.
“We’ve already got a huge exploration effort going on and we’re expanding it rapidly,” he said. Wilt described Ma’aden’s search for copper as “the world’s largest single-jurisdiction exploration program,” and said he was looking to partner with other firms to help the Saudi giant cover the “vast amount of real estate” required.
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