# Ma'aden and Ivanhoe Electric form joint venture for Saudi mineral exploration

Ma'aden finalized an agreement on May 15, 2023 to purchase 9.9% of Ivanhoe Electric and form a 50/50 joint venture to explore 48,500 km² in Saudi Arabia for copper, nickel, gold, silver and other minerals. Ma'aden will invest US$126.5 million.

- Type: Partnership
- Announced: 2023-05-15
- Where: Saudi Arabia, Saudi Arabia
- Value: $126.5M
- Status: completed
- Products: copper, nickel, gold, silver, strategic minerals
- Sectors: [Mining Equipment](https://endata.com/sectors/mining-equipment.md)

## Companies

- [Ma'aden](https://endata.com/companies/4377.md)
- [Ivanhoe Electric](https://endata.com/companies/67815.md) (partner)

## Sources

- [pif.gov.sa](https://www.pif.gov.sa/en/news-and-insights/newswire/2023/maaden-finalizes-deal-to-explore-saudi-arabias-key-mining-resources/), 2023-05-15: "Ma'aden has finalized its agreement with Ivanhoe Electric Inc. to purchase 9.9% shares in the company and form a 50/50 joint venture to conduct one of the largest exploration programs ever undertaken."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.