Saudi Arabia Eyes Major Stake in Zambian Copper Mine

Saudi Arabia is in advanced negotiations to acquire a significant stake in a Zambian copper mine, with a deal expected by year-end, according to Ma’aden CEO Robert Wilt. Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund, aims to secure a 15-20% share in Canadian miner First Quantum Minerals’ copper and nickel assets in Zambia. The potential $1.5-$2 billion investment aligns with Saudi Arabia’s Vision 2030, emphasizing economic diversification beyond oil. Wilt highlighted copper’s essential role in the energy transition, positioning it as a priority for Manara’s international mining interests. This expansion builds on Manara’s recent acquisition of a 10% stake in Vale’s copper and nickel division, reinforcing Saudi Arabia’s commitment to securing critical resources for its industrial growth.

SOURCE: REUTERS