Maaden completes acquisition of 9.9% stake in US-based Ivanhoe

Maaden headquarters

Saudi Arabian Mining Co. (Maaden) announced the fulfillment of conditions to complete the acquisition of a 9.9% stake in the US-based Ivanhoe Electric Inc. (IE), as well as the establishment of an exploration joint venture (JV) on July 11, according to Tadawul website.

There is no change in the associated costs related to the event, Maaden noted.

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, upon deal completion, as reported earlier by Argaam.

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