Maaden acquires 10% of Vale Base Metals

01/05/2024 Argaam
Saudi Arabian Mining Co. (Maaden) headquarters

Saudi Arabian Mining Co. (Maaden) headquarters


Manara Minerals Investment Co. (Manara), a joint venture (JV) between Saudi Arabian Mining Co. (Maaden) and the Public Investment Fund (PIF), closed the acquisition of a 10% stake in Vale Base Metals Ltd. on April 30, Maaden said in a statement to Tadawul.

 

In July 2023, Manara sealed a binding agreement with Brazil-based miner Vale to buy a 10% stake in the base metal unit, Argaam earlier reported.

 

For more news and details on M&As

 

In January 2023, Maaden signed a JV agreement with the PIF to establish a new company that will invest in mining assets globally to secure strategic minerals.

 

The new company aims initially to invest in iron ore, copper, nickel, and lithium sectors as a non-operating partner taking minority equity position.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.