Ma’aden, a Saudi Arabian mining company, has agreed with Ivanhoe Electric (IE), a U.S. mineral exploration and development firm, to buy a 9.9 percent equity stake in a $126 million deal.
In connection with the transaction, Ma’aden and IE will also establish a joint venture to explore strategic minerals such as copper, gold, nickel, and silver in Saudi Arabia.
Moreso, the joint venture between Ma’aden and Ivanhoe will explore around 48,500 square kilometres of selected license areas that demonstrate excellent potential.
On completion of the deal, expected by the end of the first quarter of 2023, Ma’aden will obtain the right to appoint one independent director to the IE board of directors.