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Manara Minerals Investment Co. is in talks to acquire a minority stake in the Zambia-based copper and nickel assets of Canadian mining company First Quantum Minerals Ltd., Reuters reported, citing sources familiar with the matter.
The sources indicated the stake ownership could be between 15% and 20%, valued at $1.5-$2 billion.
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The asset sale may be completed by the end of 2024.
In January 2023, Saudi Arabian Mining Co. (Maaden) signed a joint-venture agreement with the Public Investment Fund (PIF) to set up Manara Minerals to invest in international mining assets, focusing on strategic mineral metals such as iron ore, copper, nickel, and lithium, being a non-operating, minority equity partner, according to Argaam’s data.
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