Ma’aden inks agreement terms with Ivanhoe: Saudi Arabian state-owned mining company Ma’aden has signed a conditional common shares subscription agreement with US mineral development company Ivanhoe Electric Inc. (IE) to acquire a 9.9% share of the company, according to a Tadawul filing. Completion of the agreement will also see Ma’aden establish a JV with IE for mining exploration in Saudi Arabia. The transaction is set to be completed in 3Q 2023, according to the statement.

The details: Ma’aden — which obtained its 9.9% stake in IE for USD 126 mn — and IE will establish a 50-50 JV to explore and develop mining projects in Saudi Arabia, giving Ma’aden access to proprietary technology that will enable it to detect minerals like copper, nickel, gold, and silver.

REMEMBER- Saudi Arabia is looking to unlock an estimated USD 1.3 tn in mineral reserves and aims to become a global hub for the “green metals” needed in the energy transition, Saudi Energy Minister Prince Abdulaziz bin Salman said during the Future Minerals Forum held in Riyadh last January. The kingdom says it has large untapped reserves of metals — including copper, zinc, phosphate, and gold — and it plans to attract some USD 32 bn in investments in its mining and mineral sector and award more than a dozen mining exploration licenses to international investors, Saudi Mining Minister Bandar Al Khorayef said in November.