Saudi mining M&A 2026 is not only about buying assets. It is also about how Saudi Arabia builds deal networks around processing, infrastructure, and partners. In January 2026, state-owned Maaden said it plans to invest $110 billion in metals and mining over the next decade. CEO Bob Wilt said the goal is to triple its phosphate and gold business and double its aluminum business, driven by eight megaprojects.
Maaden already has scale. It currently produces about 500,000 ounces of gold. It also produces about seven million tonnes annually of phosphate and aluminum. Wilt said the investment is meant to support strategic minerals and downstream development, while also boosting GDP. He also said the plan will require more infrastructure such as pipelines, ports, and railways.
Maaden’s production targets are tied to clear baseline numbers in the sources. Wa’ad Al Shamal and Ras Al Khair have annual output capacity of 6 million tonnes of phosphate. For aluminum, Maaden forecast 850,000 to 1.15 million tonnes of production last year from Ras Al-Khair. For gold, it guided 475,000 to 560,000 ounces in output for 2025 across seven mines.
Where Deals Fit Into the $110B Push
Some of the biggest signals are not only in mines, but in partnerships. In November, Maaden entered a joint venture with the United States’ Department of Defense and MP Materials to build a rare earths refinery in Saudi Arabia. Under the deal, MP and the U.S. defense department, through a joint venture, will hold a combined 49% stake in the Saudi refinery. Maaden will hold the remaining 51%.
The Reuters report also said MP was in discussions to support or collaborate on magnet manufacturing in Saudi Arabia. It also stressed a processing constraint: rare earths must be teased out in a specific order. That makes it hard to cherry-pick only specific elements. This is a different kind of “deal logic” than a simple acquisition, because it connects processing, product strategy, and industrial buildout.
At the same time, Wilt told Semafor that Maaden has no current plans to take part in a global wave of mergers and acquisitions sweeping the mining industry. Instead, the company is leaning on project execution and partner access. Maaden has also signed agreements with Brazil’s Vale, Ivanhoe Electrick, Hancock Prospecting, and Barrick Gold. Barrick is the only foreign company currently mining in Saudi Arabia at the Jabal Sayid mine, which it operates with Maaden.
What is Maaden’s $110B plan, in simple terms?
Does Saudi mining M&A 2026 mean Maaden will buy miners around the world?
What is the critical-minerals deal with MP Materials and the U.S. Department of Defense?
What are the key production figures tied to Maaden’s expansion plan?
