Saudi Arabia’s Ma’aden forms JV to invest in mining assets abroad

DUBAI (Reuters) – Saudi Arabian mining company Marden (1211.SE), the Gulf’s largest mining company, said Wednesday it will set up a joint venture with the Kingdom’s Sovereign Wealth Fund to invest in global mining assets. announced that it had agreed to .

Ma’aden owns 51% of the venture and the Public Investment Fund (PIF) owns 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 with a minority equity position.” rice field.

In a separate statement, Ma’aden also acquired a 9.9% stake in Ivanhoe Electric (IE) (IE.TO), a US mineral exploration and development company, and formed a separate joint venture with Ivanhoe to conduct exploration. and agreed to develop A mining project in Saudi Arabia.

The joint venture will provide Marden with access to proprietary technology for conducting geophysical surveys to detect the presence of sulfide minerals, including copper, nickel, gold and silver, Marden said. rice field.

($1 = 3.7548 riyals)

Reported by Hadeel Al Sayegh. Edited by Nivedita Bhattacharjee and Muralikumar Anantharaman

Our standards: Thomson Reuters Trust Principles.

Source link

Leave a Reply

%d bloggers like this: