The Saudi Arabian Mining Company (Ma’aden) has signed a set of agreements aimed at increasing its exploration and mining capabilities inside and outside the Kingdom, according to data sent by the company to the Saudi market.

The announcement of these agreements comes in light of Saudi Arabia’s interest in maximizing the utilization of its mineral wealth, according to the Kingdom’s Vision 2030, as the Kingdom says that it has stocks of untapped minerals estimated at $1.3 trillion.

Ma’aden said that it had signed the main clauses agreement to acquire 9.9 per cent of the shares of the American “Ivanhoe” company, for 474 million riyals ($ 126.4 million). The deal is expected to be completed in the first quarter of 2023, and it will be funded from the company’s resources.

Ma’aden added that a new company would be established in Saudi Arabia, owned equally by it and “Ivanhoe” for the exploration and development of mining projects in the Kingdom. It will be using the “Typhoon” technology, which will help speed up exploration operations and reduce its risks and costs to search for the possibility of containing sulfur minerals, copper, and nickel, gold and silver.

Ma’aden also signed a joint venture agreement with the Public Investment Fund to establish a company that aims to invest in mining assets internationally to secure strategic minerals.

According to the agreement, Ma’aden will own 51 per cent of the ownership of the new company, while the fund will own 49 per cent, with an initial paid-up capital of 187.5 million riyals.