‎ Maaden to finance Vale’s acquisition deal from its own resources

‎ Maaden to finance Vale’s acquisition deal from its own resources

Saudi Arabian Mining Co. (Maaden) announced that the acquisition of 10% Vale's base metal unit by Manara Minerals Investment Company (Manara) will be financed from Maaden’s own resources.

The company stated, in a statement on Tadawul, that Vale's enterprise value amounts to $26 billion (SAR 97.5 billion.

Vale has mega projects across the most important mining regions in the world, including Canada, Brazil, and Indonesia.

Accordingly, Manara's investment in Vale will mainly contribute to helping the company expand its production of copper and nickel across its asset portfolio, as these metals are essential to support the global clean energy transition.

After fulfilling the regulatory requirements, Manara will be able to own a 10% stake in Vale, the statement clarified, expecting that the transaction procedures will be completed during Q1 2024, and that any financial impact to be shown as of H1 2024.

This step comes within the framework of Maaden's plans to boost its supplies of strategic minerals and to enable the Kingdom to play a greater role in global supply chains supporting the energy transition.

In January, Ma’aden signed a joint venture agreement with the Kingdom’s sovereign wealth fund to establish a new company that aims to invest in mining assets globally to secure strategic