Saudi Arabian Mining Co (Ma'aden 1211. SE), the Gulf's largest miner, announced on 11 Jan 2023 that it has agreed to form a joint venture with the kingdom's sovereign wealth fund to invest in mining assets globally, as per a media report.
Ma'aden will own 51% of the venture while the Public Investment Fund (PIF) will own 49%. According to Ma'aden, 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."
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.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Ma'aden will own 51% of the venture while the Public Investment Fund (PIF) will own 49%. According to Ma'aden, 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."
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.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
