Saudi Arabia Nears Deal on Zambia Copper Mine Stake as Ma’aden Eyes African Minerals
Saudi Arabia is advancing toward securing a stake in a prominent Zambian copper mine, with a deal anticipated by year-end, according to Robert Wilt, CEO of Saudi Arabia’s national mining corporation, Ma’aden.
Speaking on the sidelines of the Future Investment Initiative (FII) in Riyadh, Wilt highlighted the kingdom’s commitment to bolstering its copper reserves through international partnerships, with a special focus on Zambia’s mineral-rich Copperbelt.
“We are in the advanced stages of discussions, and we expect to have something wrapped up by the end of this year,” Wilt shared, adding that the prospective deal aligns with Saudi Arabia’s Vision 2030 – Crown Prince Mohammed bin Salman’s transformative strategy aimed at reducing the kingdom’s reliance on oil by developing new economic sectors.
Ma’aden’s international mining investment arm, Manara Minerals, which is a joint venture with Saudi Arabia’s Public Investment Fund (PIF), is reportedly targeting a 15-20% stake in First Quantum Minerals’ Zambian copper and nickel assets.
This stake, estimated at a value between $1.5 billion and $2 billion, represents Manara’s most recent investment initiative after acquiring a 10% share in Vale Base Metals in 2023.
With copper seen as essential to the renewable energy transition, Wilt emphasized its priority in the company’s strategy. “Copper, as a base metal like aluminum, is fundamental to downstream development and will play a crucial role in global energy needs,” Wilt explained.
Source: Reuters
