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Author Topic: Saudi’s Manara in advanced talks to buy stake in First Quantum’s Zambian mines   (Read 5 times)

NelsonGoni

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Saudi’s Manara in advanced talks to buy stake in First Quantum’s Zambian mines 
« on: November 18, 2024, 07:11:24 PM »
Saudi’s Manara in advanced talks to buy stake in First Quantum’s Zambian mines 

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. 


The post Saudi’s Manara in advanced talks to buy stake in First Quantum’s Zambian mines  appeared first on Reuters News Agency .


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