Maaden says regulatory approvals underway for Vale's stake purchase

Saudi Arabian Mining Co. (Maaden) headquarters

Saudi Arabian Mining Co. (Maaden) said today, March 19, it is still working on completing regulatory approvals and other customary conditions to complete the acquisition of a 10% stake in Vale Base Metals Ltd., according to a statement to Tadawul.

The company added that regulatory requirements are being completed as usual, but due to their connection to multiple regulatory bodies in more than one country, obtaining approvals was not concluded within the expected timeframe. It added that there is no financial impact on its results.

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Brazilian miner Vale signed, in January 2023, a binding agreement with Manara Minerals, the joint venture between the Public Investment Fund (PIF) and Maaden, to acquire a 10% stake in the former’s base metal unit.

In January, Maaden signed a joint venture agreement with the Kingdom’s sovereign wealth fund to establish a new company that aims to invest in mining assets globally to secure strategic minerals that are essential for Saudi Arabia, Argaam earlier reported.