Following its recent acquisition of a 10% stake in Vale’s copper and nickel division, Saudi Arabia’s Public Investment Fund (PIF) is advancing discussions to secure a significant investment in Zambian copper mines. Manara Minerals, a joint venture between PIF and the Saudi Arabian Mining Company (Ma’aden), is negotiating to acquire a 15-20% equity stake in Canadian miner First Quantum Minerals’ operations in Zambia, which include key assets like the Kansanshi and Sentinel mines.
This potential investment, valued between $1.5 billion and $2 billion, aligns with Saudi Arabia’s Vision 2030 initiative aimed at diversifying the economy beyond oil dependency. Robert Wilt, CEO of Ma’aden, emphasized the critical role of copper in the ongoing energy transition, underscoring its importance in Manara’s international mining strategy. The deal is expected to be finalized by the end of 2024, further solidifying Saudi Arabia’s position in the global mining sector
“We are looking at Zambia, we are talking with a company there, with a mine there, so those are pretty advanced stage discussions,” CEO Robert Wilt, who is also vice chairman of Saudi Arabia’s international mining venture Manara Minerals, said. The country’s growing mining industry is a key pillar in de-facto ruler Crown Prince Mohammed Bin Salman’s Vision 2030 program to diversify the economy away from oil dependency.
The Saudi Public Investment Fund (PIF) is also the largest shareholder in ACWA Power, which is leading the R11.6 billion project for the 100 MW Redstone concentrated solar power (CSP) plant in South Africa’s Northern Cape Province. This initiative has garnered funding from a consortium of prominent international and South African financial institutions, including the African Development Bank (AfDB), ABSA Bank, and the Development Bank of Southern Africa (DBSA), and IDC, among others.
ACWA Power has also entered into power purchase agreements with ESKOM and the Department of Mineral Resources and Energy for its upcoming Project DAO, part of the Risk Mitigation Independent Power Producer Procurement Program initiated in 2021. Project DAO will feature the largest solar PV installation in South Africa, boasting a capacity of 442 MW and approximately 1,200 MWh of battery storage, making it one of the largest projects globally.
Operations for this ambitious project are slated to begin in Q2 2026, with ACWA Power at the helm alongside partners Thebe Investment Corporation Pty Ltd. and Aventro Investments Pty Ltd.
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