Maaden signs conditional pact to acquire stake in Ivanhoe Electric

Maaden headquarters

Saudi Arabian Mining Co. (Maaden) signed today, May 15, a conditional common shares subscription agreement to acquire 9.9% of Ivanhoe Electric Inc.’s (IE) common stock and establish an exploration joint venture in Saudi Arabia.

The agreement is expected to be completed during Q3 2023, the company said in a statement to Tadawul.

There is no change in associated costs, the statement added.

Maaden signed, on Jan. 10, a heads of terms agreement with IE to acquire 10.21 million shares, representing 9.9% of Ivanhoe's common shares, for SAR 474 million ($126.4 million), or SAR 46.43 ($12.38) per share, upon deal completion, according to data available with Argaam.

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