Australian mining magnate Gina Rinehart is extending her empire into the Middle East after securing five gold exploration licences in Saudi Arabia through her Hancock Prospecting subsidiary, Midana Exploration, in partnership with the kingdom’s largest miner, Maaden
The move marks a significant step for the WA-based billionaire as she diversifies beyond iron ore into a global mining portfolio spanning rare earths, lithium, and now gold.
Rinehart praised Saudi Arabia’s "pro-mining policies" and its ambitious Vision 2030 strategy, which aims to establish mining as a key pillar of national growth, noting the Kingdom’s commitment to building a world-leading industry.
Under the December-formed joint venture, Hancock and Maaden will focus on the Nabita Ad-Duwayhi gold belt, adjacent to an existing Maaden mine, targeting opportunities amid a year of record-breaking gold prices that have fueled global investor interest.
"Our company brings substantial experience across exploration, project development and operations, including the rare distinction of building the US$10 billion Roy Hill project on time and on budget," Rinehart said, highlighting Hancock's capacity to deliver mega projects efficiently.
Maaden CEO Bob Wilt added that the partnership will accelerate discovery and enable mining at "pace and scale," while nurturing a local talent pipeline and reinforcing Saudi Arabia’s emergence as a global mineral hub.
Industry analysts note the collaboration is the first of its kind between an Australian company and the fast-growing state-owned Saudi miner.