According to Mining.com, Ivanhoe Electric, a company owned by mining tycoon Robert Friedland, has partnered with Saudi mining company Ma 'aden to explore for metals critical to the world's energy transition. The company will run for five years, with a 50-50 stake, and could be extended to 10 years. As part of the exploration agreement, Saudi Minerals will invest $126.4 million to buy shares in Ivanhoe Electric, giving it a 9.9 percent stake.
In addition, Saudi Minerals signed an agreement with Canada's Barrick Gold to create a new company to explore base metals under two licenses, Jabal Sayid South and Umm Ad Damar. The deal expands Barrick's exploration in Saudi Arabia and sets the stage for future tie-ups with the nearby Jabbar Saeed mine, a 50-50 joint venture between Barrick and Saudi Minerals.
The British government announced on Wednesday that it would work closely with Saudi Arabia to diversify key mineral sources, Reuters reported. The UK's Department for Business, Energy and Industrial Strategy said the cooperation between the two sides would help finance Saudi investment in UK manufacturing and mining, and also provide new opportunities for British mining companies to operate in Saudi Arabia. The UK government said it was important to "secure the UK's supply chain of key minerals and not be dependent on any country".
