In a significant move to expand its global mining assets, Saudi Arabian Mining Company, known as Ma’aden, has entered into an agreement to acquire a 10% stake in Brazil’s base metals company Vale. The transaction, facilitated through Ma’aden’s joint venture Manara with the Public Investment Fund, is valued at $26 billion based on enterprise value.
The investment is expected to play a crucial role in boosting Vale’s production of copper and nickel across its asset portfolio. These metals are vital for the development of new technologies that support the global energy transition, as stated in Ma’aden’s official statement.
The acquisition, funded by Ma’aden’s own resources, is subject to regulatory approvals and is anticipated to be finalized in the first quarter of 2024. This strategic move underscores Ma’aden’s commitment to bolstering its presence in the global mining sector and capitalizing on valuable opportunities for growth and diversification.
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