Saudi Arabia is nearing the completion of negotiations to acquire a stake in a copper mine located in Zambia, aiming to finalize the deal by the end of the year. This development was confirmed by Robert Wilt, CEO of Saudi Arabia’s leading mining company Ma’aden, during the Future Investment Initiative in Riyadh.
Wilt, who also serves as vice chairman of the international mining venture Manara Minerals, revealed that discussions with a Zambian company are at an advanced stage. The aim is to wrap up the agreement soon.
Earlier reports suggested that Manara, a collaboration between Ma’aden and Saudi Arabia’s $925 billion Public Investment Fund, is close to acquiring a minority interest in Canadian miner First Quantum Minerals’ copper and nickel operations in Zambia. The anticipated stake ranges from 15% to 20%, valued at approximately $1.5 billion to $2 billion.
Wilt emphasized the strategic importance of Africa, particularly the copper-rich regions, due to its geographical proximity and Saudi Arabia’s growing demand for copper.
This move aligns with Saudi Arabia’s broader strategy to enhance its mining sector, a critical component of Crown Prince Mohammed Bin Salman’s Vision 2030 initiative, which seeks to reduce the nation’s reliance on oil. Manara’s first significant international investment was a 10% share in Vale Base Metals in 2023.
Highlighting copper’s significance, Wilt noted its rising priority status for Manara, especially as a crucial metal for the energy transition, contrasting it with niche battery metals.
