It’s a go for Ma’aden, Ivanhoe mining JV in the Kingdom: A joint venture between state-owned mining giant Ma’aden and US mineral development company Ivanhoe Electric has launched exploration activities in KSA, a according to a statement by Ivanhoe. The JV, which was set up earlier this year, will have access to some 48.5k sq km of underexplored land on the Arabian Shield.

Ma’aden is looking to climb the value chain: Ivanhoe’s exploration gives Ma’aden access to proprietary technology that will enable allow it to prospect for metals including copper, nickel, gold, and silver. The move plays directly into the Kingdom’s strategy of unlocking its mineral wealth.

This has been brewing for months: Ma’aden and Ivanhoe finalized the setup of their mining exploration, a 50-50 owned JV known as Ma’aden Ivanhoe Electric Exploration and Development.

REMEMBER- Ma’aden owns up 9.9% of the US mining company: In a series of transactions announced earlier this year, Ma’aden has pumped in some USD 127.1 mn in Ivanhoe for a 9.9% stake in the company and representation on Ivanhoe’s board.

BACKGROUND- KSA is looking to tap into its USD 1.3 tn worth of mineral reserves:Officials estimate the that the Kingdom could be sitting on metals and minerals worth more than USD 1.3 tn. KSA is looking to become a global hub for “green metals,” Energy Minister Prince Abdulaziz bin Salman said during the Future Minerals Forum earlier this year.

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