- Manara Minerals Investment Company, a joint venture between Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund, has entered into a binding agreement to acquire a 10% stake in Vale, a base metals company based in Brazil.
- The acquisition is valued at $26 billion and will enable Vale to expand its production of copper and nickel across its asset portfolio, supporting the development of new technologies for the global energy transition.The completion of the transaction is anticipated in the first quarter of 2024, pending regulatory approvals and other conditions.
Why it matters
The deal aligns with Ma’aden's strategy of increasing the supply of strategic minerals and strengthening Saudi Arabia's role in the global energy transition supply chains. It also highlights the ongoing trend of countries and companies seeking strategic investments in the mining sector to secure access to vital metals required for advancing clean technologies.