Saudi Arabia is nearing a deal to acquire a stake in a Zambian copper mine, with plans to finalize the agreement by the end of the year, according to Robert Wilt, CEO of Saudi Arabia’s leading mining firm, Ma’aden.
Speaking at the Future Investment Forum in Riyadh, Wilt confirmed that negotiations with the mine’s owners are well underway. “We’re in advanced talks with a company and a mine in Zambia, and we expect to complete the transaction by year-end,” said Wilt, who also holds the position of vice chairman at Manara Minerals, Saudi Arabia’s international mining venture.
Recently, reports indicated that Manara—a joint venture between Ma’aden and the Saudi Public Investment Fund (PIF)—is close to acquiring a minority stake in First Quantum Minerals, a Canadian company operating copper and nickel projects in Zambia. The potential stake, valued between $1.5 billion and $2 billion, could range from 15% to 20%.
Wilt emphasized Saudi Arabia’s focus on Africa’s copper-rich regions, particularly along the Copperbelt, stating, “Africa’s mineral wealth, especially in copper, aligns well with our geographic priorities and the rising demand for copper.”
This investment aligns with Saudi Arabia’s Vision 2030, led by Crown Prince Mohammed Bin Salman, which aims to diversify the economy beyond oil by strengthening the mining sector. Manara’s first major international investment was a 10% stake in Vale’s copper and nickel business in 2023.
Wilt noted that copper is a “top priority” for Manara, highlighting its essential role in supporting the energy transition and in downstream industrial applications.
