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

Ma’aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion.

“Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition,” the company statement said.

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