Saudi Arabian Mining Company (Ma’aden) Announces the Signing of a Joint Venture Agreement with the Public Investment Fund (PIF) to Establish a Company to Invest in Mining Assets Internationally

Saudi Arabian Mining Company (Ma’aden) Announces the Signing of a Joint Venture Agreement with the Public Investment Fund (PIF) to Establish a Company to Invest in Mining Assets Internationally

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|Announcement Detail|| Saudi Arabian Mining Company (Ma’aden) announces signing a Joint Venture Agreement on Tuesday, 10/01/2023 corresponding (17/06/1444) with the Public Investment Fund (the “PIF”) to establish a company (the “New Company”) to invest in mining assets internationally to secure strategic minerals.

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Pursuant to the joint venture agreement, Ma’aden will hold 51% stake and PIF will hold 49% stake in the New Company. The New Company’s initial paid-up capital will amount to SAR 187,500,000. Ma’aden will finance its share of this investment, totaling SAR 95,625,000, from its own resources. Also, Ma’aden and PIF agree that if additional funding is required as the business of the New Company develops, that Ma’aden and PIF shall fund the New Company in an amount up to SAR 11,952,205,880 by way of capital increases or otherwise as agreed between Ma’aden and PIF. Hence, Ma’aden’s maximum contribution shall be SAR 6,095,625,000., unless Ma’aden and PIF agree otherwise in the future.

The Joint Venture Agreement contains customary clauses including condition precedents which must be fulfilled prior to establishing the New Company and other clauses in relation to the management, funding, exit mechanics, restrictions on transfer of shares and other customary clauses.

The New Company’s strategy will initially be to