Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) has acquired a 9.90% equity ownership in US-based firm Ivanhoe Electric Inc., according to a bourse disclosure.
Under the heads of terms agreement that was signed last May, the two entities formed a joint venture (JV) to explore copper, gold, silver, and electric metals in Saudi Arabia.
The partnership aims to deploy three new-generation Typhoon machines for exploration purposes, covering a minimum of 48,500 square kilometres (km2).
Based on May's announcement, Ivanhoe contributed around $66 million to the JV, of which up to $13 million will be used to fund the purchase of three new-generation TyphoonTM machines.
The CEO of Ma’aden, Robert Wilt, highlighted that the “strategic investment in Ivanhoe Electric is a critically important moment in our journey to becoming a leading supplier of strategic minerals, which will fuel global economic growth over the coming decade.”
“Through our partnership with Ivanhoe Electric, we are advancing our capability to unlock the potential of our exploration portfolio to secure supply of strategic minerals and strengthen our international presence,” Wilt added.
In the first quarter (Q1) of 2023, the Saudi-listed firm generated SAR 419.41 million in net profit after Zakat and tax, an annual plunge of 80.69% from SAR 2.17 billion.
