HomeMarket NewsMiningMa'aden Maintains 9.9% Stake in Ivanhoe Electric by Subscribing for Additional Shares

Ma’aden Maintains 9.9% Stake in Ivanhoe Electric by Subscribing for Additional Shares

Actionable Trade Ideas

always free

Saudi state-owned miner Ma’aden has exercised its right to maintain a 9.9% equity stake in Ivanhoe Electric, a Vancouver-based copper developer focused on the US market. Ma’aden will subscribe for an additional 1.51 million common shares at the offering price, generating total proceeds of approximately $20.4 million. This comes after Ma’aden initially paid $126.5 million for its original stake.

The funds raised from the offering will be utilized by Ivanhoe Electric to advance its US mineral projects, including a preliminary feasibility study on the Santa Cruz project located in Arizona. Last month, the company disclosed the results of an initial assessment (IA), which outlined the potential for an underground copper mine at Santa Cruz. The IA projected a 5.9-million-tonne-per-year copper mining operation with an estimated 20-year lifespan.

Shares of Ivanhoe Electric closed 1.0% higher at C$15.00 apiece on Monday in Toronto. The company currently holds a market capitalization of C$1.3 billion ($930 million).

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.