Manara Minerals, a new venture between the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund (PIF) is set to close on a deal to buy a minority stake in Canadian miner, First Quantum Minerals’ Zambian copper and nickel assets by the end of the year.
According to Robert Wilt, CEO and vice chairman of Ma’aden and, the company is in advanced talks to acquire between 15 per cent and 20 per cent equity in the Zambian assets.
“We are looking at Zambia, we are talking with a company there, with a mine there, so those are pretty advanced stage discussions,” Wilt told Reuters on Wednesday.
Manara has made substantial investments in metals as part of Saudi Arabia’s strategy to secure essential minerals and expand its mining sector.
Saudi Arabia’s mining industry is an increasingly central element in Crown Prince Mohammed Bin Salman’s Vision 2030, which aims to diversify the economy beyond oil dependency.
Manara’s first major international investment was a 2023 agreement to acquire a 10% stake in Vale Base Metals, the $26-billion copper and nickel division spun off from Vale.
According to Wilt, copper has become a “top priority” for Manara, as it is a critical base metal like aluminum and is expected to be in high demand amid the energy transition.
“While niche battery metals are important, they are not as vital to downstream development as copper, which is essential,” he said.
