11:51 AM EST, 01/12/2023 (MT Newswires) -- BMO Capital Markets on Thursday reiterated its outperform/speculative risk rating on the shares of Ivanhoe Electric (IE.TO, IE) and its US$15.00 price target after the company formed a joint venture in Saudi Arabia to explore for copper, gold, silver and other metals needed for electrification.
"Ivanhoe Electric announced a joint venture with Saudi mining company Ma'aden to explore a large area of under-explored Saudi Arabian territory using IE's Typhoon geophysical surveying technology. Ma'aden will invest $126 million into IE, $66 million of which will go towards funding the JV. Typhoon recently demonstrated its ability to target mineralization under sand/gravel cover at Santa Cruz. In our view, the deal is a strong endorsement in Typhoon's abilities by a major mining company, and an opportunity for Ivanhoe Electric to generate meaningful value with its proprietary exploration capabilities," analyst Andrew Mikitchook wrote.
Price: 18.96, Change: -0.03, Percent Change: -0.16