Logo of Public Investment Fund (PIF)
Brazilian miner Vale signed a binding agreement with Manara Minerals, the joint venture between the Public Investment Fund (PIF) and Saudi Arabian Mining Co. (Maaden), to acquire a 10% stake in the former’s base metal unit.
In a statement, Vale said it also sealed an agreement with the US investment firm Engine No. 1 to acquire 3% of the base metal unit. Both agreements are valued at $3.4 billion.
The deal will be concluded in cash. It is expected to be closed by the first quarter of 2024. The deal will put Vale Base Metals (VBM)’s enterprise value at $26 billion, the statement added.
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 minerals that are essential for Saudi Arabia, Argaam earlier reported.
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