11:51 AM EDT, 05/08/2024 (MT Newswires) -- Ivanhoe Electric ( IE ) said Wednesday it agreed to a three-year exploration alliance with a unit of BHP Group ( BHP ) .

The agreement, which can be extended with mutual agreement, defines a framework for both firms to explore areas of interest in the US to identify projects for potential equally-owned joint ventures, according to Ivanhoe.

Ivanhoe said the initial areas of interest are located in Arizona, New Mexico and Utah.

BHP will pay $15 million as initial funding and any subsequent amount will be split evenly, Ivanhoe added.

The company noted that it will grant the alliance access to Typhoon geophysical survey system, machine learning algorithmic software and data inversion services from its subsidiary, Computational Geosciences.

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