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Highlights
- RMI secures joint venture interest in Saudi Arabian projects
- Exploration licence granted for gold and base metals
- Focus on expanding mineral portfolio across key regions
Resource Mining Corporation Ltd (ASX:RMI) has taken a significant step in strengthening its global exploration portfolio by acquiring AuKing Mining Ltd (ASX:AKN)’s interest in a Saudi Arabian joint venture. The agreement provides RMI with a stake in Segia al Haditha Mining Co. LLC, a move that places the company among the select few Australian explorers with exposure to Saudi Arabia’s emerging minerals sector.
The acquisition follows the granting of the Shaib Marqan exploration licence, which covers a large landholding considered prospective for gold and base metals. While not part of the ASX 200 companies, RMI’s expansion into Saudi Arabia highlights the growing importance of international exploration projects for ASX-listed firms.
Details of the Joint Venture
Under the agreement, RMI will assume responsibilities previously held by AuKing Mining. This includes collaboration with its partner Barg Alsaman Mining Company to advance exploration work at both Shaib Marqan and the nearby Wadi Salamah project. No cash transaction was involved, as RMI’s commitment focuses on meeting joint venture obligations.
The exploration licence grants rights to investigate gold, silver, copper, tin, and lead over several years. Immediate plans involve analysing geological survey data, followed by mapping, sampling, and geophysics to guide targeted drilling in the region.
Geological Potential of Shaib Marqan
Located within the Ar Rayn Terrane of the Arabian-Nubian Shield, the Shaib Marqan project sits in a region known for diverse mineral systems, including copper-zinc deposits and orogenic gold structures. Early geological work has already identified quartz veins, sulphide mineralisation, and signs of historical workings, indicating strong exploration potential.
Assay results from reconnaissance sampling are expected soon and will help shape the company’s first-phase exploration program scheduled for later this year.
Saudi Arabia’s Vision 2030 and Mining Growth
Saudi Arabia’s Vision 2030 agenda places mining at the centre of its economic diversification strategy. With initiatives aimed at reducing reliance on oil, fostering foreign investment, and supporting domestic manufacturing, the sector is gaining momentum. Minerals such as gold, copper, and base metals are critical to the country’s industrial and green energy ambitions.
RMI’s entry into this market aligns well with these objectives, positioning the company to play a role in Saudi Arabia’s evolving resource sector while strengthening its global exploration footprint.
Frequently Asked Questions
- What interest has Resource Mining Corporation (ASX:RMI) secured in Saudi Arabia?
RMI has acquired a joint venture interest in Segia al Haditha Mining Co. LLC, which includes the Shaib Marqan and Wadi Salamah exploration projects. - What resources are being targeted under the Shaib Marqan licence?
The licence covers exploration for gold, silver, copper, tin, and lead. - How does this acquisition support Saudi Arabia’s Vision 2030 goals?
The project contributes to the Kingdom’s aim of expanding its mining sector, diversifying its economy, and boosting mineral resource development under Vision 2030.
