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Riyadh – Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday.
“We’d have something wrapped up by the end of the year,” Wilt, speaking on the sidelines of the Future Investment Forum conference in Riyadh, said. The sources had said the Saudi company was in advanced talks to acquire between 15% and 20% equity in the Zambian assets with one of them estimating the stake at between $1.5 billion and $2 billion.
The country’s growing mining industry is a key pillar in de-facto ruler Crown Prince Mohammed Bin Salman’s Vision 2030 programme to diversify the economy away from oil dependency.Wilt said copper was becoming a “top priority” for Manara because it was a base metal like aluminum that would be increasingly in demand with the energy transition.
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