Maaden acquires 10% of Vale Base Metals

01/05/2024 Argaam

Maaden acquires 10% of Vale Base Metals

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.

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