Maaden approves SAR 197.50 million JV. 11 analysts rate Maaden stock Neutral

Published on 10/20/2026 at 10:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Shareholders approved a new board term through 2030 on October 14, 2026. Maaden stock has 11 analysts and a SAR 66.79 target.

Mining expansion and earnings dates

Maaden shareholders approved a SAR 197.50 million Arabian Shield venture on October 14, 2026.
Aluminum revenue reached USD 1.01 billion in the second quarter of 2026, up 49 percent year over year.
Maaden stock has 11 analysts and a SAR 66.79 average target, while the next earnings report is scheduled for November 3, 2026.

Maaden, SA123GA0ITH7, Illustration mit AI erstellt.

Maaden (SA123GA0ITH7) shareholders approved a SAR 197.50 million joint venture for Arabian Shield mineral development at an October 14, 2026 ordinary general meeting, while 11 analysts tracked by MarketScreener set an average target of SAR 66.34. The decision expands Maaden's exploration platform, but the operating picture remains uneven across its businesses.

Arabian Shield venture gets approval

According to Argaam on October 15, 2026, shareholders approved transactions between Maaden subsidiaries and Saudi Aramco Development Company. The planned venture will explore and develop mineral resources in the Arabian Shield, with Maaden expected to hold 51 percent and Saudi Aramco 49 percent.

The initial paid-up capital is SAR 197.50 million, and the agreement covers copper and other minerals. The exploration zone covers 182,000 square kilometers, according to Argaam.

What does aluminum growth mean?

Maaden's aluminum segment delivered USD 1.01 billion of revenue in the second quarter of 2026, a 49 percent increase from the prior-year quarter, while realized aluminum prices rose 51 percent to USD 3,915 per tonne. AlCircle also reported second-quarter production of 242,000 tonnes. The figures show pricing power in aluminum, while phosphate and ammonia guidance created a counterweight in the broader portfolio.

Three recent company milestones

On October 7, 2026, aluminum revenue of USD 1.01 billion and 242,000 tonnes of production provided the latest operating signal, according to AlCircle. On October 11, 2026, Maaden awarded a SAR 105 million construction contract for the second phase of the Mansourah-Massarah Gold Project, with planned annual production capacity of 250,000 ounces, as Maaden information was reported by Gulf Construction. On October 14, 2026, shareholders approved the SAR 197.50 million Arabian Shield venture, the latest of the three developments.

Dates shape the next test

Maaden's new board term begins on October 25, 2026, according to Argaam. The next earnings report is scheduled for November 3, 2026, according to AlCircle. That report will show whether aluminum pricing translated into broader earnings progress after the second-quarter revenue increase.

Analyst target leaves a measured gap

MarketScreener reported on October 13, 2026, that Citi trimmed its target while maintaining a Buy rating. The page listed 11 analysts, an Outperform consensus and an average target of SAR 66.34, giving the expansion plans a valuation backdrop that still depends on execution across aluminum, phosphate, gold and base metals.