Saudi Arabia is nearing a deal to purchase a substantial stake in a Zambian copper mine, with completion anticipated by the end of the year. This move is driven by Manara Minerals, a collaboration between Ma’aden and Saudi Arabia’s Public Investment Fund, aiming for a 15-20% share in Canadian company First Quantum Minerals’ copper and nickel projects in Zambia.
The potential investment, valued at $1.5-$2 billion, is part of Saudi Arabia’s Vision 2030 strategy, which focuses on reducing reliance on oil by diversifying the economy. According to Ma’aden CEO Robert Wilt, copper is crucial for the energy transition, making it a key target for Manara’s global mining ventures.
This initiative follows Manara’s recent acquisition of a 10% stake in Vale’s copper and nickel operations, underscoring Saudi Arabia’s dedication to acquiring vital resources for industrial advancement.
