Saudi firm closes in on FQM stake

By DIVYA RAJAGOPAL, CLARA DENINA and FELIX NJINI – SAUDI Arabia’s Manara Minerals is closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals’ (FQM) Zambian copper and nickel assets, three people familiar with the details told Reuters.Manara, a joint venture between Saudi Arabian mining company Ma’aden and its […]

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Oct 20, 2024 - 23:04
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Saudi firm closes in on FQM stake

By DIVYA RAJAGOPAL, CLARA DENINA and FELIX NJINI –
SAUDI Arabia’s Manara Minerals is closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals’ (FQM) Zambian copper and nickel assets, three people familiar with the details told Reuters.
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 percent and 20 percent equity in the Zambian assets, the sources said. The stake could be worth between $1.5 billion and $2 billion, one of the sources added.
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