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    World

    Saudi Arabian mining company acquires 10% stake in Vale, boosting sustainable energy tech

    Saudi Arabian mining company acquires 10% stake in Vale, boosting sustainable energy tech

    Saudi Arabian Mining Company (Ma'aden) has taken a significant step towards expanding its global mining presence by securing a 10% stake in Brazil's Vale, a leading base metals company. The acquisition was announced on July 30 through a bourse statement released by Ma'aden.

    Photo: Saudi Arabian mining company acquires 10% stake in Vale
    Source: Reuters

    The deal was executed through Manara, a joint venture between Ma'aden and the Public Investment Fund, which inked a binding agreement on July 27 to purchase the 10% stake in Vale Base Metals. The agreed-upon enterprise value for this acquisition stands at an impressive $26 bn, signaling Ma'aden's commitment to invest in valuable mining assets worldwide.

    The move represents a strategic initiative by Ma'aden to diversify its portfolio and capitalize on opportunities in the base metals sector. With this investment, Ma'aden aims to play a crucial role in supporting Vale's ambitions to expand its production of copper and nickel across its asset portfolio. These base metals are vital components for the development of cutting-edge technologies, particularly those that contribute to the global energy transition.

    In a statement, Ma'aden highlighted the importance of this investment in Vale, emphasizing its potential impact on advancing technologies that promote sustainable energy solutions on a global scale. By bolstering Vale's copper and nickel production capabilities, Ma'aden aims to contribute to the development of new technologies that will have a positive impact on the ongoing energy transition, fostering a more sustainable and eco-friendly future.

    The acquisition is set to be financed using Ma'aden's own resources, underlining the company's financial strength and confidence in the potential growth and profitability of the venture. However, the completion of the transaction is still subject to obtaining regulatory approvals, a standard procedure for deals of this magnitude and significance.

    Both companies anticipate completing the acquisition process by the first quarter of 2024, pending the green light from relevant authorities. Once the regulatory approvals are secured, Ma'aden's investment in Vale will pave the way for further collaboration and synergy between the two entities, as they join forces to harness the opportunities in the base metals market and contribute to shaping the future of sustainable energy technologies.

     

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    30.07.2023, 23:19   Comments (0)   1110
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