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Ma'aden's Bold Move: Buying Stake In Ivanhoe Electric | |
| Sumita Pawar |
Saudi Arabian Mining Company (Ma’aden) has signed a master clause agreement to acquire a 9.9% stake in US mining technology company Ivanhoe Electric for $126.5 million.
The two companies will establish a 50/50 exploration joint venture in the kingdom, which will contribute to conducting one of the largest exploration programmes in the world.
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This joint agreement will grant Ma’aden the rights to use Ivanhoe’s Typhoon geophysical surveying technology, which will accelerate the exploration of mineral sites in the Kingdom valued at $1.3 trillion in minerals.
The exploration operations target discovering new minerals, such as copper, nickel, gold, silver, and other strategic minerals.
The establishment of the JV and the acquisition of 9.9% of the shares of Ivanhoe Electric will only be executed after certain conditions are met.
Ivanhoe Electric’s Executive Chairman Robert Friedland expressed his excitement to finalise transaction terms with Ma’aden and begin the important work of mineral exploration in KSA. He also expressed his desire to work with Ma'aden on the largest exploration programme to be conducted using the highly powerful and disruptive Typhoon geophysical surveying system.
Friedland indicated that through the Typhoon technology, the Computational Geosciences’ machine-based learning software, and the combined talents of the highly experienced team, they would have all the tools necessary to conduct a transformational exploration programme for electric and precious metals in the kingdom.