Saudi Arabia is reportedly in advanced negotiations to acquire a significant stake in a copper mine in Zambia, with expectations of finalizing a deal by the end of this year. Robert Wilt, CEO of Ma’aden, the kingdom’s leading mining firm, made the announcement during the Future Investment Forum held in Riyadh. “We are looking into opportunities in Zambia and are in substantial talks with a mining company there,” Wilt stated.
Sources suggest that Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund, is close to completing an agreement to purchase a minority interest in the Zambian copper and nickel operations of Canadian miner First Quantum Minerals. The negotiations are reportedly focused on acquiring a stake ranging from 15% to 20%, with the valuation estimated between $1.5 billion and $2 billion.
Wilt highlighted the strategic importance of Africa’s mineral wealth, particularly in the copper belt, emphasizing both the geographical advantages of investing in Zambia and Saudi Arabia’s growing demand for copper. He noted that Manara has been actively pursuing investments in various metals as part of the kingdom’s broader strategy to develop its mining sector and reduce its reliance on oil, aligning with Crown Prince Mohammed Bin Salman’s Vision 2030 initiative.
In 2023, Manara made its first significant international investment by acquiring a 10% stake in Vale’s $26 billion copper and nickel subsidiary, Vale Base Metals. Wilt underscored that copper has become a “top priority” for Manara due to its essential role as a base metal expected to see increased demand amid the global energy transition. He remarked, “While niche battery metals are important, copper is crucial for the successful development of downstream industries.”
