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Saudi Arabian Mining Company (Ma’aden) announces that its joint venture Manara Minerals Investment Company has signed a binding agreement to acquire 10% of Vale Base Metals Limited
| Element List | Explanation |
|---|---|
| Announcement Detail | Further to the Company’s announcement on 18/06/1444 AH corresponding to 11/01/2023 AD, regarding the signing of a joint venture agreement with the Public Investment Fund (“PIF”) to establish a company to invest in mining assets internationally, which has been named after publishing that announcement as Manara Minerals Investment Company (“Manara”). Saudi Arabian Mining Company (Ma’aden) is pleased to announce that its joint venture Manara has signed on Thursday 27 July 2023 a binding agreement to acquire, through a wholly owned subsidiary, 10% of Vale Base Metals Limited (“Vale”), based on an enterprise value of USD 26 billion equivalent to SAR 97.5 billion. Vale has projects in world leading mining jurisdictions including Canada, Brazil and Indonesia. Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition. Completion of the transaction to acquire 10% from Vale is subject to regulatory approval and other customary conditions and is expected in the first quarter of 2024. The acquisition furthers Ma’aden’s strategy of increasing the supply of strategic minerals and enabling Saudi Arabia to play a growing role in the global energy transition supply chains. The transaction will be financed through Ma’aden own resources. Any financial impact of the acquisition is expected to be reflected from the first half of 2024. Manara is a joint venture company owned by Saudi Arabian Mining Company (“Ma’aden”) and PIF in the proportions of 51% and 49%, respectively. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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