In a recent development, the Saudi Arabian Mining Company (Ma’aden) has made a significant announcement regarding its latest agreement with Ivanhoe Electric (IE). As per the agreement, Ma’aden will be subscribing to new shares in IE, thereby acquiring a noteworthy 9.9% equity interest at a total investment of USD 126 million. This strategic move is expected to have a considerable impact on both companies involved, paving the way for potential growth and collaboration in the future. In a significant development, Ma'aden and IE have reached an agreement that includes the establishment of a 50:50 joint venture. This joint venture aims to explore lucrative reserves of copper, gold, nickel, and silver within the borders of Saudi Arabia. Ma'aden's recent investment marks a major milestone as it establishes a strategic foothold in a prominent global mining company. With access to exclusive proprietary technology, the company is poised to expand its international reach and strengthen its presence in the critical minerals sector.
In a momentous event at the Future Minerals Forum held in Riyadh, Saudi Arabia, today, the Heads of Terms agreement was officially signed. This significant milestone marks a crucial step towards the completion of the project, which is anticipated to be finalized by the end of the first quarter of 2023.
Ivanhoe Electric Inc. (IE), a prominent mineral exploration and development company listed on the New York Stock Exchange, is making waves in the United States. The company stands out by seamlessly integrating cutting-edge mineral exploration technologies, renewable energy storage solutions, and electric metals projects.
In a recent transaction, Ma'aden secured the privilege of designating an independent director to the esteemed Ivanhoe Electric Board of Directors. As part of the agreement, Ma'aden will also be granted approximately 10.2 million fresh common shares in IE, valued at a rate of US$12.38 per share.
In a groundbreaking collaboration, mining giants Ma'aden and Ivanhoe have joined forces to embark on an ambitious joint venture. This strategic partnership aims to delve into a vast expanse of approximately 48,500 km2, encompassing carefully chosen license areas that exhibit immense promise. In a significant move, IE has announced its commitment to allocate a substantial sum of approximately USD 66 million. These funds, raised through share subscriptions to the joint venture, will be utilized for two crucial purposes. Firstly, IE plans to acquire three cutting-edge TyphoonTM machines, marking a significant advancement in their technological capabilities. Secondly, IE intends to explore potential lands, provided by Ma'aden, for the extraction of metallic minerals within the Kingdom. This strategic decision highlights IE's dedication to expanding its operations and staying at the forefront of the industry.
In a groundbreaking collaboration, Ma'aden has secured exclusive access to IE's cutting-edge TyphoonTM technology. This revolutionary geophysical survey method employs powerful transmitters to identify the existence of copper, nickel, gold, and silver within sulfide minerals. As part of this joint venture, Ma'aden will enjoy unrestricted use of IE's proprietary technology without any royalty obligations. Ma'aden, the Saudi Arabian mining company, is set to benefit from a joint venture that will expedite, mitigate risks, and propel the development of its exploration lands. This collaboration will allow Ma'aden to unlock its true potential and extract value from its valuable exploration assets.
In a recent statement, Robert Wilt, the CEO of Ma’aden, expressed his views on the company's strategic investment in Ivanhoe Electric. Wilt emphasized the significance of this move, stating that it marks a pivotal moment in Ma’aden's quest to establish itself as a prominent provider of strategic minerals. He further highlighted the role these minerals will play in driving global economic growth in the next decade. Ma'aden, a Saudi Arabian company, is essential to the expansion of emerging industries worldwide, which stand out for their rapid technological advancement.
In a recent statement, Robert Friedland, the Executive Chairman of Ivanhoe Electric, expressed his pride in the partnership between his company and Ma'aden, as well as the enthusiastic and driven young individuals of Saudi Arabia. Friedland emphasized the importance of this collaboration in the exploration of the Kingdom's substantial mineral resources, particularly in relation to the potential benefits it may bring to achieving Vision 2030.
In this transaction, Ma'aden has sought the guidance of M. Klein and Company.
