Manara Minerals To Drive Growth in Saudi’s Mining Industry As Ma’aden and PIF Unite

Manara Minerals, a groundbreaking joint venture between Ma’aden and PIF, has entered into a transformative partnership with global mining leader Vale.  The agreement aims to support the remarkable growth of Saudi Arabia’s mining industry and reinforce its role in global energy transition supply chains. Also, Vale signed an investment agreement with Engine No. 1, ensuring a strategic investment aligns perfectly with Vision 2030, Saudi Arabia’s visionary blueprint for economic reform, where mining has been identified as a crucial pillar of the country’s economy.

Manara Minerals

Strategic Investments for Growth

The transaction entailed the acquisition of a 10% equity stake in Manara Minerals by Engine No. 1, which in turn secured a 3% equity stake in VBM, resulting in a total implied enterprise value of USD 26.0 billion. This bold step by Manara Minerals provides access to world-class supply chains that include critical minerals such as nickel, copper, and cobalt, which are essential for the development of the Saudi mining sector and will significantly contribute to the global energy transition.

Empowering Global Energy Transition

Vale Base Metals boasts extensive mining projects in prominent mining jurisdictions worldwide, including Canada, Brazil, and Indonesia. Manara Minerals’ investment into VBM plays a pivotal role in facilitating the enlargement of copper and nickel production across Vale’s asset portfolio. These minerals play a fundamental role in the development of cutting-edge technologies required for the global energy transition, bolstering Saudi Arabia’s position in this transformative journey.

Building a Resilient Supply Chain

Robert Wilt, Executive Director of Manara Minerals and CEO of Ma’aden, expressed the significance of this investment, asserting that it marks a crucial milestone for the venture. By investing in VBM, Manara Minerals strengthens the supply of strategic minerals, positioning Saudi Arabia as a key player in global energy transition supply chains. This proactive step serves as a testament to Saudi Vision 2030, fostering local industrial development, job creation, and solidifying the mining sector as a pivotal component of the nation’s economy.


The partnership between Manara Minerals and Vale sets the stage for Saudi Arabia to play an increasingly significant role in global energy transition supply chains. It highlights Saudi Arabia’s growing ambition to become a major player in the global mining industry , leveraging investments like Manara Minerals that can support the kingdom’s own economic growth and diversification goals. This visionary endeavor is a testament to Saudi Arabia’s determination to create a diversified and resilient economy, leading the world towards a greener and more prosperous future.

author avatar
Hasin Hamza