GAC nods to JV between Maaden, US-based Ivanhoe

Logo of General Authority for Competition (GAC)

The General Authority for Competition (GAC) approved today, Nov. 14, the establishment of a mining exploration joint venture (JV) between Saudi Arabian Mining Co. (Maaden) and US-based Ivanhoe Electric Inc. (IE), according to a statement.

On July 11, Maaden announced the fulfillment of conditions and the completion of the acquisition of a 9.9% stake in IE and the establishment of the mining exploration JV, as reported earlier by Argaam.

In January, Maaden signed a heads of terms agreement with IE to acquire 10.21 million shares in the latter, representing 9.9% of its common shares. The acquisition is valued at SAR 474 million ($126.4 million).