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…
