Saudi Arabia’s Ma’aden to acquire 10% of Brazil base metals firm

Saudi Arabia’s Ma’aden to acquire 10% of Brazil base metals firm

Saudi Arabian Mining Company, also known as Ma’aden, announced on Sunday that it will acquire a 10% stake in Brazil’s base metals company Vale. This move is part of Ma’aden’s strategy to invest in global mining assets. The acquisition will be made through Manara, a joint venture established by Ma’aden and the Public Investment Fund. The binding agreement was signed on Thursday, with the stake valued at $26 billion.

According to a statement from the company, this investment in Vale will play a crucial role in expanding the production of copper and nickel across Vale’s asset portfolio. These metals are essential for the development of new technologies that will contribute to the global energy transition.

The transaction will be financed using Ma’aden’s own resources. However, it is still subject to regulatory approvals and is expected to be completed in the first quarter of 2024.

The article was reported by Rachna Uppal and edited by Angus MacSwan.

Thomson RushHourDaily adheres to the Trust Principles, which can be found on their website.

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