Saudi Arabian-based Ma'aden establishes joint venture to invest in mining assets abroad

Ma'aden will own 51% of the venture and 49% of the Public Investment Fund (PIF).

Ma'aden stated that the strategy of the new venture will be to invest in the iron ore, copper, nickel and lithium sectors.

In a separate statement, Ma'aden reported that it has agreed to acquire a 9.9% stake in the American mineral exploration and development company Ivanhoe Electric (IE), as well as form a separate joint venture with Ivanhoe to explore and develop mining projects in Saudi Arabia.

Ma'aden noted that the joint venture will provide Ma'aden with access to proprietary technology to conduct geophysical surveys to detect the presence of sulfide minerals containing copper, nickel, gold and silver.