We look forward to… Zambia“We are in talks with a company there, and with a mine there, so these discussions are at a very advanced stage.”
He added, “We will complete something by the end of the year.”
Sources told Reuters earlier this month that Beacon is close to concluding a deal to buy a minority stake in copper and nickel assets in Zambia belonging to Canadian mining company First Quantum Metals.
Manarat Al Ma’aden is a joint venture between Ma’aden and the Saudi Public Investment Fund, which manages assets worth $925 billion.
Sources said at the time that Beacon was in advanced talks to buy a 15-20 percent stake in those assets in Zambia. One of the sources added that the stake could be worth between $1.5 billion and $2 billion.
“Africa is certainly rich in minerals with a lot of ore in the copper belt,” Wilt said. “So it makes perfect sense because the geographic proximity and our desire for copper makes us look for opportunities in Africa.”
Al-Manara Company has made significant investments in the minerals sector as part of Saudi Arabia’s tireless efforts to ensure access to minerals and expand the mining sector in the Kingdom.
The growing mining sector is one of the main pillars of the Vision 2030 program launched by Crown Prince Mohammed bin Salman to diversify Saudi Arabia’s economy away from dependence on oil.
Manara’s first major deal abroad was an agreement to become a 10 percent shareholder in Vale Basic Metals, a subsidiary of Vale, with the value of the project reaching $26 billion in 2023.
Wilt said copper has become a “top priority” for Manara because it is an essential metal, like aluminum, that will be in greater demand with the energy transition.
