Saudi Mining Giant Ma’aden Completes 10% Acquisition of Brazil’s Vale Base Metals
In a significant move, Saudi Arabian Mining Co., known as Ma’aden, has successfully concluded the acquisition of a 10 percent stake in Brazil’s Vale Base Metals.
The acquisition was finalized by Ma’aden’s joint venture, Manara Minerals Investment Co., which is majority-owned by the Public Investment Fund, as stated in a Tadawul announcement.
Boosting the Kingdom’s Mining Sector
This strategic acquisition is aligned with the goals of Vision 2030 to diversify the Saudi economy and enhance the growth of the mining sector.
Accelerating Value Generation
Ma’aden’s investment in Vale Base Metals aims to accelerate value generation from the diverse portfolio of assets and projects, advancing the global energy transition on a larger scale.
Robert Wilt, executive director of Manara Minerals and CEO of Ma’aden, emphasized the importance of this investment in driving local industrial development, job creation, and strengthening the mining sector’s position in the economy.
Strategic Partnership for Global Energy Transition
Eduardo Bartolomeo, Vale’s CEO, highlighted the significance of the deal in expanding operations and meeting the rising demand for green metals essential for sustainable mining practices.
Future Minerals Investment Goals
Formed in January 2023, Manara Minerals aims to secure strategic minerals globally to ensure the resilience of global supply chains, in line with the vision outlined at the Future Minerals Forum in Riyadh.