Gold And Minerals Company

What Gold And Minerals Company does

Gold and Minerals Joint Stock Company (GMCO) is a Saudi Arabian mining exploration and development company established in 2009 as a private joint venture between Abdul Rahman Saad Al-Rashid and Sons Co. (ARTAR), a Saudi-based conglomerate, and KEFI Gold and Copper Plc, a mining development company listed on the London Stock Exchange. GMCO holds 29 exploration licenses covering more than 2,200 km² of the Arabian Nubian Shield, which the company describes as one of the largest exploration land packages in Saudi Arabia, with an additional 275 km² (four licenses) pending issuance following MIM Round 9 bidding. The company is headquartered in Riyadh with a regional operations office in Bisha and employs 51-100 people.

Since inception, GMCO has pursued a discovery-led approach to mine development, resulting in two major mineral discoveries: the Jibal Qutman Gold Project (270 km² in the central southern Arabian Shield) and the Wadi Bidah Copper-Gold VMS project, a multi-deposit cluster of volcanogenic massive sulfide and structurally controlled gold systems at the northern end of the Wadi Bidah Belt. Both projects are currently advancing through feasibility assessment. The company's exploration technology stack includes advanced SkyTEM airborne geophysical survey technology, deployed at Wadi Bidah in December 2025 to refine resource definition. GMCO's business model is B2B and project-based rather than transactional: it is pre-revenue today, with future revenue mechanics expected to be tied to gold and base metal production rather than licensed software or services. Counterparties include its two JV parents, strategic mining partners (notably Ajlan & Bros Mining), government entities (MIM, MISA), and academic collaborators (University of Bisha). Pricing and contract terms are not publicly disclosed.

The company aligns its strategic positioning with Saudi Vision 2030 and the International Council on Mining and Metals (ICMM) Mining Principles, and in 2024 it achieved the EEP 2024 Milestone with formal recognition from MIM and MISA. Recent activity has concentrated on license expansion, partnership formation, and the use of advanced exploration technologies, with both flagship projects yet to enter construction or production. As a result, GMCO today is best characterized as a development-stage mineral asset company whose value proposition depends on successfully advancing Jibal Qutman and Wadi Bidah from feasibility to commercial operation.

Name

Gold And Minerals Company

Legal name

Gold and Minerals Joint Stock Company (GMCO)

Website

https://gmco.com.sa

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

51–100 employees

Short description

Gold and Minerals Joint Stock Company (GMCO) is a Saudi Arabian mining exploration and development joint venture between ARTAR and KEFI Gold and Copper, operating 29 exploration licenses across 2,200+ km² of the Arabian Nubian Shield, with two major gold and copper-gold discoveries advancing through feasibility assessment.

Ownership category

akta.pro rank

Product category

Gold and Base Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industry

Copper Exploration & Resource Development (IMAKADAA)

Keywords

• Gold mining exploration
• Base metals development
• Mineral exploration services
• Copper-gold mining
• Mining feasibility assessment

Headquarters

HQ city

Riyad

HQ country

Saudi Arabia

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Gold Mining Operations: Revenue generated from gold exploration and development projects, currently in feasibility assessment stage for major discoveries at Jabal Qutman and Wadi Bidah
2. Base Metal Mining Operations: Revenue from copper and other base metal extraction from VMS deposits at Wadi Bidah project
3. Exploration License Operations: Operating across 29 exploration licenses covering over 2,200km² of prospective mining territory in Saudi Arabia

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Gold and Minerals Joint Stock Company (GMCO) explores and develops gold, copper, and base metal mining projects in the Arabian Nubian Shield region of Saudi Arabia. The company operates across 29 exploration licenses covering over 2,200 km² and is advancing two major discoveries — the Jibal Qutman Gold Project (270 km²) and the Wadi Bidah Copper-Gold VMS project — through feasibility assessment. Core operations also include a broad regional exploration program targeting additional gold and base metal deposits.

Product overview

Gold and Minerals Joint Stock Company (GMCO) is a mining exploration and development company established in 2009 as a joint venture between Abdul Rahman Saad Al-Rashid and Sons Co. (ARTAR) and KEFI Gold and Copper Plc. The company operates as a unified portfolio of mining projects focused on gold and base metals in the Arabian Nubian Shield in Saudi Arabia. The core offerings include the Jibal Qutman Gold Project (270km² gold deposit in feasibility assessment), the Wadi Bidah Copper Gold Project (VMS and structurally controlled gold systems cluster), and a broad Regional Exploration Program spanning 2,200km² across 29 exploration licences. GMCO follows a discovery-led approach to mine development, with both major discoveries now advancing through feasibility stages.

Differentiator

Problem solved

Functional benefit

Products and services

• Jibal Qutman Gold Project A gold mining project located in the central southern region of the Arabian Shield, covering an area of 270 km². The project is one of two major discoveries made by GMCO and is currently moving through feasibility assessment, targeting commercial gold production.
• Wadi Bidah Copper Gold Project A multi-deposit development focusing on a cluster of VMS (Volcanogenic Massive Sulfide) and structurally controlled gold systems at the northern end of the Wadi Bidah Belt. Currently moving through feasibility assessment, with copper-gold extraction as the primary target.
• Regional Exploration Program GMCO's broad exploration program across one of the largest exploration land packages in Saudi Arabia, providing access to over 2,200 km² of ground across 29 exploration licences, with an additional 275 km² (four licences) shortly to be issued following MIM Round 9 bidding. The program targets additional gold and base metal discoveries across the Arabian Nubian Shield.

Quantifiable outcome

• Two major mineral discoveries (Jabal Qutman Gold and Wadi Bidah Copper-Gold VMS) now in feasibility assessment

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Ajlan & Bros MiningcoreStrategic or Co-development Partner · 20 April 2026Gold and Minerals Company, through Al Eitilaf Al Momayaz for Mining Company, signed a strategic partnership with Ajlan & Bros Mining for collaborative mining development initiatives.
• University of BishaminorStrategic or Co-development Partner · 15 January 2026GMCO signed a collaboration agreement with the University of Bisha for academic partnership, research collaboration, and talent development in the mining sector.
• Al Hajjar Exploration PartnersminorStrategic or Co-development Partner · 5 November 2025Al Hajjar Exploration License awarded to Gold and Minerals Ltd and partners for regional exploration activities.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Saudi Arabian Mining Company (Ma'aden): Saudi Arabia's national mining champion, operating gold, copper, and base-metals mines across the Arabian Shield. Both companies explore and develop gold and copper in the same jurisdiction under Vision 2030, making Ma'aden the closest operating comparable for GMCO.
• KEFI Gold and Copper Plc: London-listed parent/joint-venture partner of GMCO with parallel gold and copper-gold exploration projects in Saudi Arabia and Ethiopia. KEFI's Tulu Kapi project and exploration methodology are directly relevant to GMCO's discovery-led mining development approach.
• Ivanhoe Mines: Exploration-and-development-stage miner focused on copper-gold and other base-metals discoveries (e.g., Kamoa-Kakula, Platreef). Comparable to GMCO in stage profile and in the metal focus on copper-gold VMS-style deposits.
• First Quantum Minerals: Mid-to-large copper-gold miner producing from VMS and porphyry-style deposits globally. The mineralogical profile of Wadi Bidah VMS systems makes First Quantum a directly relevant technical and operational comparable.
• Centerra Gold: Gold-focused mid-tier miner with operations and development projects across multiple jurisdictions. Compares on commodity focus (gold) and on the developer-to-producer pathway GMCO is pursuing at Jibal Qutman.
• Lundin Mining: Copper-zinc-gold producer with VMS and base-metals assets (e.g., Neves-Corvo, Eagle). Highly relevant technical and operational comparable for the Wadi Bidah Copper-Gold VMS cluster.

Broad incumbents

• Barrick Gold: One of the world's largest gold producers with a broad portfolio including copper. Relevant incumbent comparable for overall scale, project economics, and capital intensity benchmarking for GMCO's development pipeline.
• Newmont Corporation: Largest gold miner globally, with operating gold and copper-gold mines spanning multiple continents. Provides a benchmark for project development cost, capex, and execution risk for an Arabian Shield gold project.
• Freeport-McMoRan: Largest publicly traded copper producer with significant gold byproduct output (Grasberg, etc.). Directly relevant given GMCO's copper-gold VMS focus and broader copper exposure in the bid package.
• Anglo American plc: Diversified major with copper, platinum, and iron ore; long-running expertise in mineral exploration across emerging mining jurisdictions. Useful as a strategic-incumbent comparable for portfolio diversification and stakeholder engagement.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gmco-ltd

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Gold And Minerals Company