Saudi's Ma'aden to invest in mining assets abroad

Share
Saudi Arabian Mining Co (Ma'aden) (1211.SE), the Gulf's largest miner, will begin mining abroad

Saudi Arabian Mining Co (Ma'aden) (1211.SE), the Gulf's largest miner, has announced that a joint venture with the kingdom's sovereign wealth fund will allow the company to begin mining in assets abroad.

Ma'aden will own 51% of the venture while the Public Investment Fund (PIF) will own 49%, the company said in a regulatory filing.

Ma'aden said 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."

In addition to this announcement, 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, Ma'aden said.

Share

Featured Articles

How US Dodd-Frank Act Shapes Responsible Sourcing in Mining

How Section 1502 of the US Dodd-Frank Act shapes the mining industry, and the supply chains of companies such as Apple, who rely on 'conflict minerals'.

ABB Report: Mining Leaders Bullish on Sustainability

An ABB report shows mining leaders are confident the industry can be decarbonised in line with targets while supporting the energy transition

ArcelorMittal and ABB Partner on Mining Automation

Global steel and mining giant ArcelorMittal collaborates with technology leader ABB to enhance productivity and sustainability in iron ore operations

ESG Reshaping Mining Firms' Policy on Indigenous Peoples

Sustainability

Conflict Minerals: Navigating Ethical Sourcing Challenges

Sourcing & Procurement

TSMC & Intel Chips Output Sees Global Helium Shortage

Supply Chain & Operations