Ma’aden buys 9.9% shares in Ivanhoe Electric to undertake one of the largest mining explorations 

Ma’aden will utilize IE’s Typhoon geophysical survey technology to accelerate the exploration of an estimated $1.3 trillion of untapped minerals (Shutterstock)
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Updated 15 May 2023
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Ma’aden buys 9.9% shares in Ivanhoe Electric to undertake one of the largest mining explorations 

RIYADH: Saudi Arabian Mining Co., also known as Ma’aden, finalized a deal to purchase 9.9 percent shares of American mining technology company Ivanhoe Electric Inc. for $126.5 million and form a 50-50 joint venture to undertake one of the largest exploration projects ever. 

The joint venture will deploy $66 million of the $126.5 million to fund the exploration activities of at least 48,500 sq. km area and purchase three new-generation Typhoon machines. 

“We are launching one of the largest exploration programs in the world in partnership with Ivanhoe Electric,” said Robert Wilt, CEO of Ma’aden. 

“It’s great to see companies like IE recognize the scale of the opportunity here,” he added.   

Ma’aden will utilize IE’s Typhoon geophysical survey technology to accelerate the exploration of an estimated $1.3 trillion of untapped minerals. 

Wilt added that IE’s technology would put Ma’aden on track to meet its growth targets of 10 times the current value and fast-track the development of the Kingdom’s minerals. 

“We have only scratched the surface of the potential in the Kingdom, and we need to explore faster, smarter, and cover more ground to meet our long-term growth objectives. IE’s Typhoon technology will enable us to accelerate our exploration efforts by six times and de-risk and advance the development of a significant exploration hub in the Kingdom,” Wilt said. 

IE’s Typhoon transmitter provides an accurate and robust geophysical survey system to accelerate and de-risk mineral exploration. 

“With our Typhoon technology, our computational geosciences’ machine-based learning software, and the combined talents of our highly experienced team of women and men, we have all the tools necessary to conduct a transformational exploration program for electric and precious metals in the Kingdom of Saudi Arabia,” said Ivanhoe Executive Chairman Robert Friedland. 

Ma’aden agreed to buy approximately 10.2 million common shares in IE with a top-up option to maintain its 9.9 percent ownership. The company has also been granted the right to appoint a nominee to the IE board of directors. 

IE is a US-based technology and mineral exploration company that combines advanced mineral exploration technologies with renewable energy storage solutions and electric metal projects. 

Ma’aden is the largest multi-commodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world, with revenues of SR40.3 billion ($10.7 billion) in 2022. Ma’aden operates 17 mines and sites with over 6,500 direct employees in over 30 countries. 


GCC chambers plan Gulf Guarantee project to boost intra-regional trade

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GCC chambers plan Gulf Guarantee project to boost intra-regional trade

DAMMAM: The Federation of GCC Chambers, in cooperation with the Customs Union Authority, intends to launch the Gulf Guarantee Project to provide a unified mechanism for exports and trade transactions and to enhance the efficiency of intra-GCC trade, which reached about $146 billion by the end of 2024, Saleh Al-Sharqi, Secretary-General of the federation, told Al-Eqtisadiah.  

Al-Sharqi said, on the sidelines of his meeting with media representatives at the federation’s headquarters in Dammam, that the initiative represents a qualitative leap in supporting intra-GCC trade by facilitating transit movement through a single point, contributing to cost reduction, accelerating the flow of goods, and enhancing the reliability of trade operations among Gulf markets.   

Saleh Al-Sharqi, Secretary-General of the Federation of GCC Chambers. Al-Eqtisadiah

He explained that the federation recently launched a package of strategic initiatives, including the Tawasul initiative aimed at strengthening communication among Gulf business owners and supporting the building of trade and investment partnerships, in addition to the Gulf Business Facilitation initiative, which seeks to address challenges facing Gulf investors and traders, simplify procedures, and improve the business environment across member states.    

He noted that these initiatives fall within an integrated vision to address obstacles hindering investment and intra-regional trade flows by developing regulatory frameworks, activating communication channels between the public and private sectors, and supporting Gulf economic integration in line with the objectives of the Gulf Common Market.    

In a related context, the Secretary-General affirmed the direction of GCC countries to leverage artificial intelligence technologies to support trade and investment flows, stressing the importance of establishing a unified Gulf committee for artificial intelligence to coordinate efforts and exchange expertise among member states. He said the federation will support this direction in the coming phase, drawing on leading international experiences, particularly the Chinese experience in this field.    

Regarding the recently announced electric railway project between Riyadh and Doha, Al-Sharqi revealed that technical and advisory committees are working to complete the necessary studies for the project, confirming that it will positively impact passenger and freight movement between the two countries, enhance Gulf logistical integration, and support regional supply chains.  

On investment opportunities available to Gulf nationals in the Syrian market, he said the federation is coordinating with private sector representatives in Syria to overcome obstacles that may face the flow of Gulf investments, in addition to working to provide adequate guarantees to protect these investments and ensure a stable and attractive investment environment.  

In response to a question from Al-Eqtisadiah about the impact of tariffs imposed by the US on imports of iron, steel, and aluminum, he said that economic and technical committees in GCC countries are continuously monitoring the repercussions of these tariffs on the Gulf private sector, assessing their effects, and taking the necessary measures to protect it from any potential negative impacts.    

Al-Sharqi also pointed to the launch of two specialized committees in the transport and logistics sectors and in real estate activities, given their pivotal role and active contribution to Gulf gross domestic product, stressing that developing these two sectors is a fundamental pillar for enhancing economic diversification and increasing the competitiveness of GCC economies.    

He added that during the past year the federation held more than 40 meetings and official engagements with Gulf and international entities, participated in nine regional and international events to strengthen the presence of the Gulf private sector on the global stage, and signed 12 agreements and memoranda of understanding with Gulf, regional, and international entities to open new horizons for economic and investment cooperation.    

During the same year, the federation launched four digital platforms to support the Gulf private sector, bringing the total number of its digital platforms to eight serving the business community across member states.    

The Secretary-General affirmed that the federation will continue working with relevant economic entities to unify procedures and regulations, reduce non-tariff barriers, and accelerate mutual recognition of products and standard specifications, in a way that enhances the competitiveness of the Gulf economy and supports the growth of intra-GCC trade.