Saudi Arabia Targeting Billions In Zambian Assets, Despite Persistent Infrastructure Troubles
Portfolio Pulse from Stjepan Kalinic
Manara Minerals, a joint venture between Saudi Arabia's PIF and Ma'aden, is nearing a deal to acquire a 15-20% stake in First Quantum Minerals' Zambian copper and nickel assets for $1.5-$2 billion. This move aligns with Manara's recent investments and helps First Quantum manage its debt amid infrastructure challenges in Zambia.
October 18, 2024 | 11:03 am
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First Quantum Minerals is nearing a deal to sell a 15-20% stake in its Zambian assets to Manara Minerals for $1.5-$2 billion. This sale will help manage its debt and retain control over key operations.
The sale of a stake in Zambian assets will provide First Quantum with significant capital, aiding in debt management and potentially stabilizing its financial position after revenue losses from the Cobre Panama mine shutdown.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
NEUTRAL IMPACT
Manara Minerals' recent $1 billion investment in Barrick Gold's Reko Diq project in Pakistan is part of its broader strategy to expand its mining portfolio.
While the article mentions Manara's investment in Barrick Gold, the primary focus is on the acquisition of First Quantum's assets. The impact on Barrick Gold is less direct and more related to Manara's overall investment strategy.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 30