Saudi’s Manara in advanced talks to buy stake in First Quantum’s Zambian mines 

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Business & FinanceDeals

16 October 2024, 5:38 am 1 minute

Saudi Arabia’s Manara Minerals is closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. Manara, a joint venture between Saudi Arabian mining company Ma’aden and its $925 billion Public Investment Fund, is in advanced talks to acquire between 15% and 20% equity in the Zambian assets, sources told Reuters. First Quantum shares rose as much as 4.9% after the story was published. 

Why it matters 

The potential deal is in the spotlight as copper is a much sought-after element for the clean energy transition due to its uses in the manufacture of EVs and data centers powering artificial intelligence. First Quantum shares rose as much as 4.9% in early morning trade in Toronto after the Reuters story was published. 

Article Tags

Topics of Interest: Business & FinanceDeals

Type: Reuters Best

Sectors: Business & Finance

Regions: Europe / Middle East / Africa

Countries: Saudi ArabiaZambia

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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