{"id":90623,"date":"2024-10-17T00:00:00","date_gmt":"2024-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/17\/manara-minerals-in-advanced-talks-for-usd-1-5-2-bn-stake-in-zambia-mines\/"},"modified":"2024-10-17T00:00:00","modified_gmt":"2024-10-17T00:00:00","slug":"manara-minerals-in-advanced-talks-for-usd-1-5-2-bn-stake-in-zambia-mines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/17\/manara-minerals-in-advanced-talks-for-usd-1-5-2-bn-stake-in-zambia-mines\/","title":{"rendered":"Manara Minerals \u201cin advanced talks\u201d for USD 1.5-2 bn stake in Zambia mines"},"content":{"rendered":"

PIF-backed <\/strong>Manara Minerals is closing in on a USD 1.5-2 bn acquisition of a <\/strong>minority stake in <\/strong>First Quantum Minerals<\/a><\/strong>\u2019 Zambian copper and nickel assets<\/strong>, Reuters<\/a> reports, citing three sources it said are familiar with the matter. Manara \u2014 a JV between the Public Investment Fund (PIF) and mining giant Ma\u2019aden \u2014 is reportedly looking to acquire a 15-20% stake in the mines. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

REFRESHER-<\/strong> Manara Minerals has been eyeing a stake in First Quantum\u2019s Zambian assets since earlier this year<\/a>, with an eye on copper mines Sentinel and Kansanshi. First Quantum, meanwhile, disclosed<\/a> earlier this year that it was in discussions with potential investors to sell stakes in its Zambian operations while also looking to offload other assets to offset debts and compensate for the shutdown of other operations.<\/p>\n

Manara emerged as a top contender for the sale<\/strong> due to the fact that its plans to acquire a minority stake fit well with First Quantum\u2019s plan to retain majority ownership in its highly profitable Zambian mines. <\/p>\n

Manara has been expanding its mining portfolio: <\/strong>Manara Minerals completed the acquisition<\/a>of a minority stake<\/a> in Brazilian miner Vale Base Metals back in May. The transaction is worth an estimated USD 2.6 bn, based on a USD 26 bn enterprise value VBM had previously disclosed<\/a>. The company also submitted an offer<\/a> in August to acquire a 15% stake in Barrick Gold\u2019s Reko Diq copper and gold mining project in Pakistan. <\/p>\n","protected":false},"excerpt":{"rendered":"

An agreement could be finalized by year-end<\/p>\n","protected":false},"author":1,"featured_media":90624,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,14,2175,50,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-ma-watch","tag-manara-minerals","tag-mining","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"950fd0a5-b1ba-4f9f-a60e-b80cda8090dc","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1393.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Manara Minerals \u201cin advanced talks\u201d for USD 1.5-2 bn stake in Zambia mines","related_issue":[90618],"teaser":"An agreement could be finalized by year-end","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.dc84ee5f-f4df-4e1b-a761-59c814fd7f8a.mp3"},"yoast_head":"\nManara Minerals \u201cin advanced talks\u201d for USD 1.5-2 bn stake in Zambia mines - 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