Maaden Investment Plan: The Audacious $110 Billion Roadmap Reshaping Saudi Mining

Saudi Arabia’s state-controlled miner Ma’aden has outlined a $110 billion investment plan over the next decade. CEO Bob Wilt said the goal is to boost production of phosphates, aluminium, and gold, and to become one of the world’s biggest commodity producers. The roadmap is built around scale, speed, and long project pipelines. For the wider mining ecosystem, it signals sustained demand for contractors, equipment, services, financing, and downstream capacity.

The plan includes major step-change targets. Wilt told Semafor that Ma’aden expects to triple its phosphate business, triple its gold business, and double its aluminium business. He also said Ma’aden has “eight megaprojects on the books right now,” with two already underway and six in various stages of planning. The House of Saud report also describes eight megaprojects tied to gold, phosphate, aluminium, copper, lithium, and rare earth elements.

Investors have responded strongly to Ma’aden’s expansion narrative. One report says Ma’aden’s market capitalization rose to approximately SAR 277B (≈ $73.8B), up from about SAR 176B (≈ $46.9B) less than a year earlier. The same source cites trailing twelve-month revenue of SAR 37.9B (≈ $10.1B), with 24.4% year-over-year revenue growth, and quarterly earnings up 127% year-over-year. AGBI also reported Ma’aden shares closed at SAR71.50 on Wednesday, 13% higher than the previous Thursday and 52% up on a year ago.

What The $110 Billion Push Changes Across The Ecosystem

For project developers and suppliers, the clearest signal is long-duration buildout. MINING.COM points to the Wa’ad Al Shamal phosphate complex, which started production in 2017, and notes that Wa’ad Al Shamal and Ras Al Khair have annual output capacity of 6 million tonnes of phosphate. It also reports initial capital costs of $22.7 billion for Wa’ad Al Shamal, plus a Phosphate 3 expansion estimated to cost $7.7 billion and due for completion next year.

For the domestic economy, Ma’aden frames the plan as a balance-of-payments tool. Wilt said investments can increase exports of phosphates and reduce aluminium imports as Saudi Arabia builds out data centers, homes, stadiums, and other infrastructure. AGBI reported Ma’aden set capex guidance for 2026 at SAR15.5 billion, including SAR12.6 billion for growth projects, including completion and commissioning of phase 1 of Phosphate 3 and progress at the Ar Rjum gold project in Mecca province.

For financing and partnerships, the roadmap points to bigger capital-market needs and geopolitical deal-making. Semafor reported Ma’aden will need to keep tapping international debt markets after a debut $1.25 billion bond sale last year. It also highlighted a joint venture with MP Materials and the US Department of Defence to develop a rare earths refinery in Saudi Arabia, with a final investment decision expected by the end of the year. Wilt said Ma’aden is trying to bring “the best” of China’s capability and know-how while being strategically aligned with the US on critical minerals.