Australian giant Hancock Prospecting has expanded its global mining footprint by entering into a joint venture (JV) with Ma’aden, Saudi Arabia’s biggest miner.
The move signals a clear intent from Hancock and its chair Gina Rinehart to explore new markets where it identifies favourable government policies.
The deal also highlights a broader trend of Australian miners increasingly looking offshore for growth, particularly in jurisdictions offering strong government backing and streamlined approvals. With domestic projects facing longer timelines and rising costs, international partnerships are becoming a more attractive pathway to scale.
In addition, it reinforces Australia’s position as an exporter of mining expertise, with local companies increasingly leveraging their technical, operational and project delivery capabilities in overseas markets. For Australian suppliers, contractors and professionals, this international expansion can open new pathways for work and collaboration beyond domestic projects.
“Hancock is excited to start work in such a pro-mining country,” Hancock chief executive officer Garry Korte said. “Driven by our chair’s vision and enthusiasm, Hancock has a deep commitment to innovation, technology and continuous improvement.”
Backed by the Public Investment Fund (PIF), Ma’aden specialises in phosphates, aluminium, gold and copper across 17 sites. These include Al Ba’itha, the Middle East’s only bauxite mine, and Ad Duwayhi, an open-pit mine in Makkah that stands as the largest in Saudi Arabia. Ma’aden also owns the Jalamid Phosphate Mine near the Iraqi border, which produces 12.5 million tonnes of phosphate rock annually.
The Hancock–Ma’aden partnership has already secured exploration licenses for three new mineral belts within the Nabita Ad-Duwayhi Gold Belt, a vast area covering over 24,000 square kilometres. Ma’aden has made a strong start to 2026, announcing the addition of 7.8 million ounces to its gold resource.
“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,” Rinehart said.
Saudi Vision 2030 is the Kingdom’s strategy to reduce reliance on oil while accelerating progressive social change. According to reports, oil accounted for approximately 40 per cent of Saudi Arabia’s gross domestic product (GDP) and 75 per cent of its fiscal revenue in 2022.
“Our company group brings substantial experience across exploration, project development and operations, including the rare distinction of building the $US10 billion mega Roy Hill project both on time and on budget,” Rinehart said.
Roy Hill, Hancock’s flagship asset, has recently ramped up production to 55 million tonnes per annum, cementing its status as Australia’s single largest iron ore mine. The company now looks to Saudi Arabia, where the land holds significant untapped potential with 5000 mineral sites valued at over $1.33 trillion.
“In Australia, we strive to be the best mining company,” Rinehart said. “We will also be working in Saudi Arabia with great enthusiasm.”
