Saudi's Ma'aden jumps on forming JV for mining asset investments

Ivanhoe Electric

11/01/2023 07:50

** Shares of Saudi Arabian Mining (Ma'aden)  1211.SE  up 4%
to 76.2 riyals, pares gains after rising as much as 4.6% in
early trade
    ** Miner said it agreed to form a joint venture with the
kingdom's sovereign wealth fund PIF to invest in mining assets
globally
    ** Co to own 51% and PIF to own 49% in JV 
    ** Co also agrees to acquire a 9.9% stake in American
minerals exploration and development firm Ivanhoe Electric (IE)
 IE.TO  and form a separate joint venture with Ivanhoe to
explore and develop mining projects in Saudi Arabia
    ** With session's rise, stock has gained 17.77 % YTD
    ** Of 8 analysts covering the stock, ​one rates the stock
"strong buy" two have "hold" and five have "sell" or higher;
with median PT at 63 riyals - Refinitiv Eikon data
    ** Saudi Arabia's benchmark index  .TASI  was up 0.2%
 (Reporting by Shamsuddin Mohd in Bengaluru)
 ((shamsuddin.mohd@thomsonreuters.com))