Manara Minerals, a Saudi Arabian investment firm, has acquired a 10% stake in Vale’s critical metals division for $2.5 billion, marking a significant move in Saudi Arabia’s strategy to diversify its economy and strengthen its position in the mining sector. The acquisition aligns with the kingdom’s Vision 2030 plan, focusing on sectors beyond oil.
Vale Base Metals, a subsidiary of the Brazilian mining giant Vale, specializes in copper and nickel, crucial components for the ecological transition. This deal aligns with Saudi Arabia’s ambitions to become a major player in critical metals and establish itself as an alternative mining power to China.
Saudi Arabia’s strategy involves developing its own mineral resources while also investing in international mining companies. The kingdom has recently signed mining agreements with countries like Egypt, Russia, Morocco, and the Democratic Republic of Congo. It is also considering investments in lithium projects and has expressed interest in a large gold and copper mine in Pakistan.
Saudi Arabia’s mineral reserves are valued at around $2,500 billion, but this estimate covers only half of the country. Major Saudi companies like Ma’aden and Amak are already active in extracting and refining various minerals, including aluminum, zinc, copper, gold, and phosphate. Riyadh is keen to develop new markets, particularly in rare earths and lithium, and has attracted foreign companies for exploration ventures. 
