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.
