Saudi Arabia is in the final stages of negotiating a stake in a Zambian copper mine, with expectations for a deal to close by year-end, according to Robert Wilt, CEO of Ma’aden, Saudi Arabia’s leading mining company.
Speaking at the Future Investment Forum in Riyadh, Wilt indicated that discussions with the Zambian mine’s owners are progressing well.
“We’re in advanced discussions with a company and a mine in Zambia, and we expect to finalize by year-end,” said Wilt, who also serves as vice chairman of Saudi Arabia’s international mining venture, Manara Minerals.
Earlier this month, sources revealed that Manara— a joint venture between Ma’aden and the Saudi Public Investment Fund (PIF)—was close to purchasing a minority stake in Canadian firm First Quantum Minerals’ copper and nickel operations in Zambia. This stake, estimated at 15% to 20%, could be valued between $1.5 billion and $2 billion.
Highlighting Saudi Arabia’s interest in Africa’s copper-rich regions, Wilt stated, “Africa’s mineral wealth, particularly in copper along the Copperbelt, aligns well with our geographical focus and growing demand for copper.”
Manara’s investments reflect Saudi Arabia’s broader Vision 2030, spearheaded by Crown Prince Mohammed Bin Salman, to diversify the economy beyond oil and strengthen its mining sector. Manara’s first major international venture was a 10% stake in Vale’s copper and nickel business in 2023.
Wilt emphasized copper’s importance to Manara’s strategy, noting it as a “top priority” in supporting the energy transition, with its role in industrial applications considered essential to downstream development.
