RIYADH: In an effort to enhance the Kingdom’s mining sector with international expertise, Ƶn Mining Company, also known as Ma’aden, has joined with US firm Ivanhoe Electric Inc. to introduce cutting-edge technology to the growing sector.
In a bourse filing, the mining giant announced the successful completion of establishing a 50-50 joint venture with Ivanhoe.
This collaboration aims to deploy three new-generation Typhoon machines for exploration purposes, covering a minimum of 48,500 sq. km.
This latest agreement comes after Ma’aden initiated a deal to acquire 9.9 percent of Ivanhoe shares for $126.5 million in May and agreed to form a joint venture with $66 million in capital.
Speaking at the time, Robert Wilt, CEO of the firm, said: “We are launching one of the largest exploration programs in the world in partnership with Ivanhoe Electric.”
Through the newly formed joint venture, Ma’aden will utilize IE technology to expedite the exploration process for an approximate value of $1.3 trillion in untapped minerals.
IE is a US-based technology and mineral exploration company specializing in merging advanced mineral exploration technologies with renewable energy storage solutions and electric metal projects.
Wilt added that integrating IE technology would put Ma’aden on track to meet its growth targets while expediting the development of the Kingdom's minerals.
“IE’s Typhoon technology will enable us to accelerate our exploration efforts by six times and de-risk and advance the development of a significant exploration hub in the Kingdom,” Wilt said in May.
IE’s Typhoon technology allows for deeper detection capabilities for water, oil, and sulfide minerals that may contain valuable resources such as copper, gold, silver, and nickel.
This technology enhances the accuracy of identifying and analyzing these valuable deposits.
“With our Typhoon technology, our computational geosciences’ machine-based learning software, and the combined talents of our highly experienced team of women and men, we have all the tools necessary to conduct a transformational exploration program for electric and precious metals in the Kingdom of Ƶ,” said Ivanhoe Executive Chairman Robert Friedland in May.
Ma’aden is among the fastest-growing mining companies in the world, with revenues of SR40.3 billion ($10.7 billion) in 2022.
The company operates 17 mines and sites with more than 6,500 direct employees in over 30 countries.
