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Ivanhoe Electric establishes exploration JV with Saudi Arabian mining giant Ma'aden

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Ivanhoe Electric (NYSE: IE) (TSX: IE) today announced the closing of the transactions with Saudi Arabian Mining Company Ma'aden previously announced in Ivanhoe Electric's May 15, 2023 and January 11, 2023 news releases.

According to a news release, Ma'aden has invested US$127.1 million in new common stock of Ivanhoe Electric to become a 9.9% shareholder, and Ivanhoe Electric will contribute US$66 million of the Ma'aden proceeds into the new Saudi Arabian exploration joint venture company to fund exploration activities and the purchase of three new-generation Typhoon™ machines.

The company said that the joint venture will deploy the “disruptive power” of Typhoon™ to explore ~48,500 km2 of underexplored lands in the Arabian Shield that Ma'aden has made exclusively available to the Joint Venture.

Executive Chairman Robert Friedland commented, "Through the formation of this important joint venture with our partner, Ma'aden, we will begin the most extensive exploration program for metals ever conducted in the Kingdom of Saudi Arabia. The Arabian Shield is an area rich in mineral potential, but considerably underexplored for metals.

“With our proprietary and powerful Typhoon™ geophysical survey technology and the data analysis provided by our 94%-owned subsidiary, Computational Geosciences Inc., we aim to uncover new discoveries of critical metals in Saudi Arabia."

Ivanhoe Electric is an American technology and mineral exploration company that is re-inventing mining for the electrification of everything by combining advanced mineral exploration technologies, renewable energy storage solutions and electric metals projects predominantly located in the United States.

Ma'aden is the largest multi-commodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world, with revenues of SAR 40.4 billion (US$10.7 billion) in 2022.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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