Copper News Hubb
Advertisement Banner
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Copper news

Ivanhoe Electric ties up with Saudi Arabia’s Ma’aden

admin by admin
January 11, 2023
in Copper news


Ivanhoe Electric (NYSE America, TSX: IE), the latest endeavour of mining magnate Robert Friedland, is joining forces with Saudi Arabian miner Ma’aden to explore for metals considered key for the world’s energy transition.

The companies are creating a 50/50 joint venture for such purpose that will run for five years, and may be extended up to ten years. 

As part of the exploration deal, Ma’aden will invest $126.4 million in Ivanhoe Electric equity, which grants the Gulf’s largest miner a 9.9% in Ivanhoe Electric, which owns properties in Arizona, Utah and Montana, along with a battery storage business.

Ma’aden will also make available about 48,500 square kilometres of land in Saudi Arabia for exploration, with Ivanhoe Electric providing its proprietary Typhoon technology under exclusive licence.

The minerals exploration and development firm, which last month moved its headquarters from Canada to the United States, will contribute $66 million to the JV, $13 million of which will be used to acquire three new generation TyphoonTM machines.

Ivanhoe’s electrical pulse-powered geophysical surveying transmitter technology can detect metals buried as deep as 1.5 kilometres underground. This makes it an ideal tool for surveying many parts of Saudi Arabia, where the bedrock is hidden by a sand and gravel cover that can exceed 1 km in depth, the company said.

The partners will look for battery metals such as copper, nickel and lithium, but will also search for gold, silver and iron ore.

Friedland made his fortune from the Voisey’s Bay nickel project in Canada in the 1990s. Since then, he has been involved in some of the biggest mineral discoveries in the world, including the giant Oyu Tolgoi copper mine in Mongolia and the Kamoa-Kakula copper mine in Democratic Republic of Congo.

Forbes estimates Friedland’s holdings are worth $2.9 billion as of January 2023.

More deals

Separately, Ma’aden inked a new JV deal with Canada’s Barrick Gold (TSX: ABX)(NYSE:GOLD) for two prospective exploration projects in the Jabal Sayid South and Umm Ad Damar license areas.

The agreement expands Barrick’s exploration footprint in Saudi Arabia and open up potential synergies with the neighbouring Jabal Sayid mine, an existing 50/50 JV between Barrick and Ma’aden.

The Jabal Sayid copper operation is located 350 km north-east of Jeddah, and the first shipment of copper concentrate occurred in December 2015, Barrick said.

The news comes a copper topped $9,000 per tonne on Wednesday for the first time since June 2022 on optimism over a post-Covid recovery in China, which consumes more than half the world’s copper.

Visits:105 Today: 105 Total: 4996583



Source link

Previous Post

Erdene, MMC form strategic partnership for Mongolian gold project

Next Post

Strategic Claim Staking Increases Footprint At NLP

Next Post

Strategic Claim Staking Increases Footprint At NLP

Recommended

Top 5 Copper Stocks on the TSX (Updated December 2022)

2 months ago

ZAMBIAN MINES CHALLENGED ON SAFETY

3 months ago

Wesdome Gold falls after output drop, but analyst sees brighter future 

4 months ago

Generation’s palladium mine gets environmental permit from Canada

2 months ago

Sasol says 600 MW renewables deal ‘imminent’ as it moves to cut emissions

3 months ago

Altiplano Closes Second Tranche of Private Placement and Extends Warrants

4 months ago

© 2022 Copper News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

© 2022 Copper News Hubb All rights reserved.