Saudi Arabia's Ma'aden forms JV to invest in mining assets abroad (updated)

Ivanhoe Electric

11/01/2023 06:51

(Adds details)
       DUBAI, Jan 11 (Reuters) - Saudi Arabian Mining Co
(Ma'aden)  1211.SE , the Gulf's largest miner, said on Wednesday
it agreed to form a joint venture with the kingdom's sovereign
wealth fund to invest in mining assets globally.
    Ma'aden will own 51% in the venture while the Public
Investment Fund (PIF) will own 49%, the company said in a
regulatory filing. 
    Ma'aden said the new venture's strategy "will initially be
to invest in the iron ore, copper, nickel, and lithium sectors
as a non-operating partner taking minority equity positions."
    In a separate statement, Ma'aden also said it agreed to
acquire a 9.9% stake in American minerals exploration and
development firm Ivanhoe Electric (IE)  IE.TO , as well as form
a separate joint venture with Ivanhoe to explore and develop
mining projects in Saudi Arabia.
    The joint venture will provide Ma’aden with access to
proprietary technology for conducting geophysical surveys to
detect the presence of sulphide minerals containing copper,
nickel, gold and silver, Ma'aden said. 
    ($1 = 3.7548 riyals)
 (Reporting by Hadeel Al Sayegh; Editing by Nivedita
Bhattacharjee and Muralikumar Anantharaman)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))