GAC nods to JV between Maaden, US-based Ivanhoe

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

In July, Maaden announced the fulfillment of conditions to complete the acquisition of a 9.9% stake in Ivanhoe Electric, as well as the establishment of an exploration joint JV on July 11, according to Tadawul website.

In January, Maaden signed a heads of terms agreement with Ivanhoe to acquire 10.21 million shares, representing 9.9% of its common shares. The acquisition will take place for a total amount of SAR 474 million ($126.4 million), or SAR 46.43 ($12.38) per share, as reported earlier by Argaam.

Source : Argaam