Saudi Arabia is nearing a deal to invest in a copper mine in Zambia, aiming to finalize the agreement by year-end. This move is part of Saudi Arabia’s strategy to diversify its economy as outlined in Vision 2030.
Robert Wilt, CEO of Ma’aden and vice chairman of Manara Minerals, confirmed that discussions are in advanced stages. We’d have something wrapped up by the end of the year,
he stated at the Future Investment Forum in Riyadh.
Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund, is set to acquire a minority stake in Canadian miner First Quantum Minerals’ Zambian assets. The stake is estimated to be between 15% and 20%, valued at approximately $1.5 billion to $2 billion.
Wilt emphasized the strategic importance of Africa’s mineral-rich regions, particularly the copper belt, due to their proximity and the increasing demand for copper. This is part of Saudi Arabia’s broader initiative to secure essential minerals and strengthen its mining sector.
Manara’s focus on copper is driven by its critical role in the energy transition, making it a top priority over niche battery metals. This investment aligns with their previous acquisition of a 10% stake in Vale Base Metals, a significant move in Saudi Arabia’s expansion into international mining.
