Manara Minerals in talks to buy stake in First Quantum's Zambian assets: Report

16/10/2024 Argaam
Logo of Manara Minerals Investment Co.

Logo of Manara Minerals Investment Co.

Manara Minerals Investment Co. is in talks to acquire a minority stake in the Zambia-based copper and nickel assets of Canadian mining company First Quantum Minerals Ltd., Reuters reported, citing sources familiar with the matter.

 

The sources indicated the stake ownership could be between 15% and 20%, valued at $1.5-$2 billion.

 

For More Mergers and Acquisitions

 

The asset sale may be completed by the end of 2024.

 

In January 2023, Saudi Arabian Mining Co. (Maaden) signed a joint-venture agreement with the Public Investment Fund (PIF) to set up Manara Minerals to invest in international mining assets, focusing on strategic mineral metals such as iron ore, copper, nickel, and lithium, being a non-operating, minority equity partner, according to Argaam’s data.

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