Saudi PIF Forms Mining JV with Public Investment Fund
Posted on 01/11/2023
Saudi Arabian Mining Company (Ma’aden) is Saudi Arabia’s largest mining company. Ma’aden formed a joint venture with Saudi Arabia’s Public Investment Fund (PIF). Ma’aden will own 51% in the venture while the Public Investment Fund 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.”
PIF is a shareholder in Ma’aden.
In a separate statement, Ma’aden agreed to acquire a 9.9% stake in American minerals exploration and development firm Ivanhoe Electric Inc., 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.
On June 30, 2022, Ivanhoe Electric completed an IPO of 14,388,000 shares of common stock which were issued at a price of US$ 11.75 per share for gross proceeds of $169.1 million.
