Ma’aden

What Ma’aden does

Ma'aden (Saudi Arabian Mining Company) is the Kingdom of Saudi Arabia's national mining and metals champion, operating a vertically integrated portfolio across gold, copper, phosphate, bauxite, alumina/aluminum, and — increasingly — rare earth elements. Founded in 1997 and headquartered in Riyadh, Ma'aden runs 17+ mining sites organized into three principal geographic zones (Western Sector, Arabian Shield Central Zone, and the Eastern/Central Phosphate-Bauxite Belt), with flagship operations including the Mansourah-Massarah gold project (positioned as the Middle East's first fully digital mine at 4 million tonnes/year ore throughput) and integrated phosphate-to-fertilizer complexes serving agricultural customers. The company is majority-owned by Saudi Arabia's Public Investment Fund (63.78%) and is positioned as the third pillar of Saudi Vision 2030 alongside oil and gas.

The business model is B2B commodity production and export: revenue is generated through one-time sales of extracted and processed minerals — gold, copper concentrate, phosphate rock, DAP/NPK fertilizers, bauxite, alumina, aluminum, and emerging rare earth outputs — under contract-based, undisclosed pricing to industrial buyers globally, including multi-year DAP supply agreements with Indian fertilizer majors (IPL, KRIBHCO, Chambal Fertilisers) and alumina supply to Aluminium Bahrain (Alba). Distribution channels are direct enterprise sales shipped via established logistics networks to customers in India, North America, Europe, and Asia, supplemented by global mining industry events and partnerships. Ma'aden's go-to-market leverages strategic joint ventures for market access and technology — including the Waad Al Shamal aluminum venture (now fully owned after the July 2025 Alcoa buyout), the November 2025 MP Materials/U.S. DoD rare earth JV, a $1.5B facility with Critical Metals, and international expansion through the Manara vehicle — alongside an extensive technology ecosystem (Hexagon for digital mining, Hatch for delivery, Weir for equipment, GlassPoint for solar process heat).

Operationally, Ma'aden combines traditional resource extraction with digital mining technology, concentrated solar process heat, and capital-intensive processing infrastructure, supported by a reported headcount in the 5,001–10,000 range and direct access to a $2.5 trillion national mineral endowment. The company is funded through sovereign backing, sukuk issuance (most recently a $1 billion, 5.25% coupon, 10-year USD sukuk in January 2026), and capital markets, with a stated $110 billion decade-long investment program and approximately $2.5 billion in annual capital allocation to scale gold, phosphate, aluminum, and rare earth capacity by 2030.

Name

Ma’aden

Legal name

Saudi Arabian Mining Company (Maaden)

Website

https://maaden.com.sa

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Ma'aden is Saudi Arabia's state-backed national mining and metals company, operating 17+ integrated sites producing gold, copper, phosphate fertilizers, aluminum, and rare earth elements for global industrial buyers, anchored by PIF majority ownership and a multi-decade Vision 2030 mandate.

Ownership category

akta.pro rank

Product category

Mining and Metals

NAICS

Phosphatic Fertilizer Manufacturing (325312), Copper, Nickel, Lead, and Zinc Mining (21223), Nonmetallic Mineral Mining and Quarrying (2123), Other Nonmetallic Mineral Mining and Quarrying (212390)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Miscellaneous Metal Ores (1090), Primary Production Of Aluminum (3334), Gold And Silver Ores (1040), Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Phosphate Rock Mining (IMAKAGAA)

akta.pro secondary industries

Bauxite Mining & Beneficiation (IMAKACAA), Fertilizer Raw Materials & Intermediates (Phosphate Rock, Sulfuric/Phosphoric Acid, Potash Ore/Brines) (AFABABAH), Alumina Refining (Bayer Process) (IMAKACAB), Rare Earths Separation & Refining (Oxides/Metals) (IMAKAFAH)

Keywords

• Mining and metals
• Phosphate fertilizers
• Gold and copper production
• Aluminum smelting
• Rare earth processing

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Mineral Production and Sales: Ma'aden generates revenue through mining operations selling gold, copper, phosphate, bauxite, aluminum, and fertilizers to industrial customers globally. Revenue streams include one-time sales of extracted minerals and processed products.
2. Joint Venture Products: Revenue from joint ventures including aluminum (Waad Al Shamal with Alcoa) and rare earth processing (with MP Materials and Critical Metals)

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Ma'aden extracts and processes minerals including gold, copper, phosphate, bauxite, alumina, aluminum, and rare earth elements through 17+ mining and processing operations across Saudi Arabia. The company sells these minerals and processed products to industrial customers globally under B2B contracts, with significant phosphate-based fertilizer supply agreements to Indian agribusinesses and alumina/aluminum supply to regional smelters.

Product overview

Ma'aden is a diversified mining and metals company operating across Saudi Arabia with a vertically integrated portfolio spanning gold mining, phosphate and fertilizer production, aluminum smelting, and rare earth processing. The company serves as a cornerstone of Saudi Vision 2030, positioning mining as the third pillar of the economy alongside oil and gas. Ma'aden operates over 17 major mines across three principal zones, processes minerals through industrial facilities including the Mansourah-Massarah gold operation (the Middle East's first digital mine), phosphate processing plants, and aluminum smelters, and is expanding into critical minerals and rare earths through partnerships with MP Materials and the U.S. Department of Defense.

Differentiator

Problem solved

Functional benefit

Brands

• Tharwah: Maaden's workforce development and community engagement initiative

Products and services

• Gold Mining Operations Extraction and processing of gold through mining operations including the flagship Mansourah-Massarah project, the first fully digital mine in the Middle East with 4 million tonnes per year ore processing capacity. Gold is sold to industrial customers, jewelers, and investors globally.
• Phosphate and Fertilizer Production Production of phosphate-based fertilizers including DAP (diammonium phosphate) from operations in the Eastern/Central Phosphate-Bauxite Belt. Supplied under multi-year contracts to major Indian fertilizer producers including IPL, KRIBHCO, and Chambal Fertilisers.
• Aluminum Production Aluminum smelting and alumina production including bauxite mining, alumina refining, and aluminum production for export and domestic use. Operations now wholly owned following the 2025 acquisition of Alcoa's remaining stake. Customers include regional smelters such as Aluminium Bahrain (Alba).
• Rare Earth Processing Rare earth element processing and refining capabilities developed in partnership with MP Materials and the U.S. Department of Defense, aimed at establishing a non-Chinese rare earth supply chain for global defense, electronics, and clean energy customers.
• Manara - International Mining Investment Ma'aden's international investment arm focused on overseas mining investments in vital minerals, including a $2.5 billion stake in Vale Base Metals. PIF announced plans in January 2026 to spin off Manara to provide greater technical mining capabilities.

Quantifiable outcome

• 91% profit surge to $1.51bn in first nine months of 2025

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eleven partnerships are on record, tiered flagship, core and minor.

• MP MaterialsflagshipStrategic or Co-development Partner · 1 January 2023Joint venture for rare earth processing at a facility valued at over $1 billion. Ma'aden holds 51% stake while MP Materials and the U.S. Department of Defense hold 49%. The partnership positions Ma'aden as a critical player in rare earth supply chains.
• HatchcoreImplementation/ SI/ Consulting PartnerStrategic delivery partner supporting Ma'aden's mining growth initiatives. Provides expertise in mining project delivery, technical consulting, and operational optimization across mining operations.
• Weir GroupcoreTechnology or IntegrationMining technology solutions provider supplying equipment and services for Ma'aden's mining operations. Weir Group provides critical mining machinery and technical support.
• AlcoaflagshipStrategic or Co-development PartnerAluminum joint venture partnership through Waad Al Shamal. Ma'aden has acquired Alcoa's stake and now fully owns the aluminum operations including bauxite, alumina, and aluminum production facilities.
• HexagoncoreTechnology or IntegrationDigital mining technology partner providing the technology platform for Ma'aden's digital mine operations. Hexagon's solutions enable advanced mining, safety systems, and operational optimization.
• Barrick MiningcoreStrategic or Co-development PartnerExploration partnership for copper and gold exploration in Saudi Arabia. Barrick brings international mining expertise to joint exploration activities.
• Ivanhoe ElectriccoreStrategic or Co-development PartnerJoint venture partnership for copper exploration and development. Combines Ma'aden's regional presence with Ivanhoe Electric's technical capabilities.
• Critical MetalsflagshipStrategic or Co-development Partner$1.5 billion rare earth processing facility partnership. Critical Metals will supply rare earth materials for processing at Ma'aden's facilities, supporting global rare earth supply chains.
• King Abdulaziz UniversityminorOthersEducational partnership for talent development, research collaboration, and workforce training in mining and related technical fields.
• King Saud UniversityminorOthersAcademic partnership supporting education, research, and talent pipeline development for Ma'aden's technical and engineering roles.
• King Fahd University of Petroleum and MineralsminorOthersTechnical university partnership providing specialized engineering and technical talent for mining operations and R&D collaboration.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Nutrien Ltd. World's largest crop inputs provider with major phosphate and potash production; directly comparable to Ma'aden's phosphate and fertilizer business, including DAP supply to similar Indian and global agricultural customers.
• The Mosaic Company: Leading global phosphate producer with concentrated Florida and Brazilian operations; direct competitor in the global DAP/MAP fertilizer market where Ma'aden supplies Indian and Asian customers.
• Barrick Gold Corporation: World's largest gold miner with global operations; direct peer for Ma'aden's gold segment and an actual exploration JV partner with Ma'aden in Saudi Arabia.
• Freeport-McMoRan Inc. Major copper and gold miner with global operations; comparable to Ma'aden's copper and gold mining segments and a relevant peer for joint exploration partnerships.
• MP Materials Corp. Largest U.S. rare earth producer and Ma'aden's direct JV partner in the Saudi rare earth processing facility (51% Ma'aden, 49% MP/DoD); directly comparable for the rare earth and critical minerals segment.
• Newmont Corporation: World's leading gold mining company; directly comparable to Ma'aden's gold segment operations including the flagship Mansourah-Massarah digital mine.

Broad incumbents

• Vale S.A. Brazilian diversified miner producing iron ore, copper, and nickel; comparable to Ma'aden as a globally diversified mining major, and notably Ma'aden's Manara vehicle acquired a $2.5 billion Vale Base Metals stake.
• Alcoa Corporation: Global aluminum and bauxite producer; was Ma'aden's former JV partner in Waad Al Shamal until Ma'aden fully acquired Alcoa's 25.1% stake in July 2025, making it a direct historical and operational peer.
• Rio Tinto Group: Global diversified miner across iron ore, aluminum, copper, lithium, and minerals; relevant peer for Ma'aden's diversification strategy and capital allocation discipline at scale.
• BHP Group: World's largest mining company producing iron ore, copper, coal, potash, and nickel; broadly comparable as a globally diversified miner pursuing critical minerals growth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/maadenksa
• YouTubeyoutube.com/maadenksa
• Facebookfacebook.com/maadenksa
• LinkedInlinkedin.com/company/maaden
• Instagraminstagram.com/maadenksa
• TikToktiktok.com/@maaden_ksa?lang=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ma’aden