Saudi Arabia is in advanced discussions to acquire a stake in a copper mine in Zambia, with expectations of finalizing a deal by the end of the year, according to Robert Wilt, CEO of Ma’aden, the kingdom’s leading mining company.
“We are looking at Zambia and are in talks with a company there regarding a mine, so these discussions are quite advanced,” Wilt stated on the sidelines of the Future Investment Forum in Riyadh.
Sources indicated earlier this month that Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s $925 billion Public Investment Fund, is nearing a deal to purchase a minority stake in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake is estimated to be between 15% and 20%, valued at approximately $1.5 billion to $2 billion.
“Africa is rich in minerals, particularly in copper from the Copperbelt, making it a logical target for us given its geographical proximity and our demand for copper,” Wilt added.
Manara is actively investing in metals as part of Saudi Arabia’s strategy to secure essential minerals and enhance its mining sector. This initiative aligns with Crown Prince Mohammed Bin Salman’s Vision 2030, aimed at diversifying the economy away from oil dependency.
Wilt highlighted that copper has become a “top priority” for Manara, emphasizing its critical role in the energy transition. “While niche battery metals are important, copper is essential for the development of downstream industries,” he said.
