RMI Secures 50% Stake in Shaib Marqan Licence Covering 91.8 km²
Resource Minerals International Ltd has acquired a 50% interest in a Saudi Arabian joint venture, gaining access to the highly prospective Shaib Marqan gold and base metals exploration licence. This move positions RMI to leverage Saudi Arabia’s expanding mining sector under Vision 2030 reforms.
- RMI acquires 50% JV interest in Segia al Haditha Mining Co. LLC
- Shaib Marqan licence covers 91.8 km² with granted exploration rights
- Initial rock chip sampling shows high-grade gold results
- Further assay results pending from recent reconnaissance sampling
- Saudi Arabia’s Vision 2030 mining reforms underpin sector growth
Strategic JV Acquisition in Saudi Arabia
Resource Minerals International Ltd (ASX, RMI) has exercised its option to acquire AuKing Mining’s interest in a joint venture company operating in Saudi Arabia, securing a 50% stake in Segia al Haditha Mining Co. LLC. This acquisition comes with the recently granted Shaib Marqan exploration licence, a 91.8 square kilometre area rich in potential for gold and base metals exploration.
The licence, granted on 17 August 2025, provides RMI with exclusive exploration rights for gold, silver, copper, tin, and lead for an initial term of five years. The company’s Executive Chairman, Asimwe Kabunga, highlighted the significance of this foothold in the Saudi Arabian mining sector, noting that RMI is among the few ASX-listed explorers with direct exposure to this emerging market.
Promising Early Exploration Results
Initial rock chip sampling conducted in November 2024 returned encouraging high-grade gold assays, including standout results of 13.72 grams per tonne. A more extensive reconnaissance program in March 2025 collected 87 additional samples, with assay results expected shortly. These findings will inform a detailed first-phase exploration program, which is set to commence in early Q4 2025.
RMI’s exploration strategy includes integrating data from the Saudi Arabian Geological Survey, encompassing geophysical and geochemical datasets, followed by targeted field mapping, sampling, and drilling. The project’s geological setting within the Proterozoic Ar Rayn Terrane of the Arabian-Nubian Shield is notable for hosting multiple mineral systems, including volcanogenic massive sulphide deposits and orogenic gold occurrences.
Capitalising on Saudi Arabia’s Mining Ambitions
Saudi Arabia’s Vision 2030 reform agenda has elevated mining as a key pillar of economic diversification, aiming to reduce oil dependency and generate substantial employment. The Kingdom’s mining law, effective since 2021, encourages mineral resource development and local manufacturing, targeting a reduction in mineral imports by approximately US$10 billion by 2030.
RMI’s entry into this market aligns with these national priorities, positioning the company to benefit from government support and increasing investment in mineral exploration. Alongside its Saudi Arabian interests, RMI maintains exploration projects in Tanzania and Finland, focusing on copper-gold, nickel, and lithium, underscoring a diversified portfolio across multiple jurisdictions and commodities.
Looking Ahead
With funding arrangements secured and exploration licences granted, RMI is poised to advance its Saudi Arabian projects aggressively. The forthcoming assay results and exploration milestones will be critical in defining the resource potential and shaping the company’s development pathway in this strategically important region.
Bottom Line?
RMI’s Saudi JV acquisition marks a pivotal step as it taps into a rapidly evolving mining landscape underpinned by Vision 2030 ambitions.
Questions in the middle?
- What will the upcoming assay results reveal about the scale and grade of mineralisation at Shaib Marqan?
- How will RMI’s exploration progress influence its valuation and investor sentiment in the near term?
- Could further JV partnerships or capital raises be on the horizon to accelerate development?