Toronto-based mining company Denarius Metals has announced the formation of its first two joint venture companies in Saudi Arabia under a strategic collaboration with Saudi-based diversified group ProGrowth, marking a significant step in the Kingdom’s efforts to strengthen its mining and downstream minerals sector.
The newly established companies, Al Sahra Minerals and Najd Minerals, were officially recognized during a signing ceremony held at the Saudi Ministry of Industry and Mineral Resources in the presence of senior Saudi government officials and executives from both companies.
Under the partnership structure, Denarius Metals will hold a 75 percent equity stake in each company, while the collaboration is expected to support mining development, mineral processing, refining and industrial expansion aligned with Saudi Arabia’s Vision 2030 strategy.
Al Sahra Minerals will focus on developing downstream mineral processing infrastructure and advanced metallurgical solutions in Saudi Arabia. The company plans to support the establishment of facilities including a roaster plant, carbon-in-leach processing operations and a gold refinery aimed at converting raw mineral resources into refined, market-ready products.
The venture will also collaborate with Italian technology and licensing partners Italpreziosi SpA and Italimpianti Ofra SpA to support the development of advanced refining and processing capabilities in the Kingdom.
Najd Minerals will focus on identifying, acquiring and developing mining concessions across Saudi Arabia and the wider GCC region, targeting gold, nickel and other strategic minerals considered essential for industrial growth and energy transition technologies.
Serafino Iacono, Executive Chairman of Denarius Metals, said the agreement reflects the company’s commitment to building a long-term presence in Saudi Arabia’s rapidly growing mining sector.
The company also announced that Omar Alramah, CEO and President of ProGrowth, has accepted a nomination to join the Board of Directors of Denarius Metals at the company’s upcoming Annual General and Special Meeting scheduled for June 3, 2026.
In addition, ProGrowth has indicated plans to make an initial equity investment of up to 10 percent in Denarius Metals through a proposed private placement expected to be completed ahead of the shareholder meeting.
The partnership is expected to provide Denarius Metals with strategic access to Saudi Arabia’s mining ecosystem and potential financing opportunities through Saudi private and sovereign investment channels.
Denarius Metals currently operates precious metals and polymetallic mining projects in Colombia and Spain, including the Zancudo gold-silver project in Colombia and several critical minerals assets in Spain.
