Saudi Arabia is nearing a deal to acquire a substantial stake in a copper mine in Zambia, with completion expected by the end of the year. This was announced by Ma’aden CEO Robert Wilt.
Manara Minerals, a partnership between Ma’aden and Saudi Arabia’s Public Investment Fund, plans to invest in a 15-20% share of Canadian company First Quantum Minerals’ copper and nickel operations in Zambia. The proposed investment, valued at $1.5-$2 billion, supports Saudi Arabia’s Vision 2030 strategy, which focuses on reducing reliance on oil.
Wilt emphasized the importance of copper in the energy transition, marking it as a key area for Manara’s global mining projects. This initiative follows Manara’s recent purchase of a 10% stake in Vale’s copper and nickel businesses, underscoring Saudi Arabia’s dedication to securing essential resources for its industrial expansion.
