Saudi Arabia’s MA’ADEN Acquires 10% Stake In Brazil’s Vale
In a move to expand its asset portfolio, Saudi Arabian mining company Ma’aden plans to buy a 10% stake in Brazil’s Vale. The deal was made through Ma’aden’s joint venture Manara. The agreement, signed on 27 July, is based on Vale’s enterprise value of $26 billion. The company hopes this investment will boost the production of copper and nickel, both important for development of new technologies crucial for global energy transition. Funded by Ma’aden, the deal awaits regulatory approval and is expected to be finalised by early 2024.
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