Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) announced today thatit has entered into an agreement for mutual technical support and collaboration with privately-held HPX, a subsidiary of I-Pulse, the world’s preeminent high-pulsed power company.
HPX is the leading developer of a cluster of proprietary geophysics hardware and software solutions that leverage high-pulsed power, data inversion and machine learning expertise to dramatically increase the depth, quality, efficiency and success of metals-focused exploration campaigns. This technology has been utilized by HPX in the last several years across HPX’s diversified and highly prospective global portfolio of projects.
Under the mutual technical support and collaboration agreement, HPX will provide Ivanhoe with access to its proprietary TyphoonTM electromagnetic geophysical system for use in exploration activities in the Democratic Republic of Congo and South Africa. Ivanhoe also will have access to the services of Computational Geosciences, a Vancouver-based, HPX subsidiary that provides leading-edge geophysical and geological data modelling, inversion and interpretation solutions. Ivanhoe will in turn make available to HPX, mining, project support, engineering and consulting services. Ivanhoe Mines also will provide its core project development and management expertise to assist HPX in advancing its most highly prospective projects. All services will be rendered at cost.
The mutual technical support and collaboration agreement also provides a basis for both parties to identify, communicate, and potentially collaborate on matters of mutual interest, particularly in respect of project opportunities in green and battery metals, and the materials necessary to build an increasingly electrified world. In respect of both future project opportunities and existing projects, the parties will discuss opportunities for each to bring their specific expertise and skills to bear for the mutual benefit of both parties and their stakeholders.
Ivanhoe Mines also is providing HPX with a US$50 million secured loan facility that will be used to, among other things, advance core HPX industrial and green metals projects and continue HPX’s disruptive technology development initiatives.
A number of Ivanhoe directors also are directors of HPX or of its parent private company, I-Pulse, and accordingly disclosed their interest and abstained from voting on the secured loan facility. The secured loan facility was unanimously approved by the remaining five non-conflicted directors of Ivanhoe.
For more details please see Ivanhoe’s news release.