Ivanhoe Mines and Qatar Investment Authority (QIA) have signed a memorandum of understanding (MoU) to further their partnership in the exploration, development and mining of critical minerals.
The announcement was made by Ivanhoe Mines’ executive co-chair Robert Friedland and president and CEO Marna Cloete.
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The MoU follows QIA’s $500m strategic investment in Ivanhoe Mines.
The signing coincided with the visit of the Amir of Qatar, Sheikh Tamim bin Hamad Al-Thani, to the Democratic Republic of the Congo (DRC), where he met with President Félix Tshisekedi to discuss bilateral relations.
QIA CEO Mohammed Saif Al-Sowaidi said: “This MoU is a testament of QIA’s commitment to building strategic partnerships with leading suppliers of critical minerals, supporting global efforts to develop new energy infrastructure and power advanced technologies.
“We are delighted to be working with Ivanhoe Mines and look forward to further growing our partnership, aimed at generating long-term, sustainable prosperity.”
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By GlobalDataThe agreement outlines a framework for collaboration focusing on Ivanhoe’s efforts to identify and develop critical mineral resources.
These minerals are considered vital for the electrification of economies and the advancement of AI and large-scale data centres, according to Ivanhoe Mines’ news release.
The MoU includes QIA’s support for Ivanhoe Mines’ management team across existing and new growth projects, including ongoing exploration at the Western Forelands project in the DRC.
Both parties also plan to collaborate to identify and evaluate future mining opportunities across different regions and development stages.
Ivanhoe Mines executive co-chair Robert Friedland said: ”The signing of the MoU, together with the strategic investment by the Qatar Investment Authority, is a strong vote of confidence in Ivanhoe Mines’ and our mission to supply the strategic metals that power global electrification and the rise of AI and large-scale data centres.
“We are excited to build this long-term, world-class alliance as we unlock new frontiers in our hunt for the next generation of great discoveries, which we will sustainably mine together.”
Collaboration may extend to investment or financing of projects, leveraging QIA’s network to secure preferential financing for critical minerals initiatives in Africa and beyond, the company said.
The agreement also encompasses potential strategic mergers and acquisitions, infrastructure development for logistics, power and water, and joint efforts to establish downstream smelting or refining capacity for critical minerals.
