Mining PIF’s Manara in talks to buy minority stake in Zambian mines By Pramod Kumar October 17, 2024, 8:08 AM Alamy via Reuters Manara's stake in First Quantum Minerals’ Zambian operations could be worth between $1.5bn and $2bn Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), is in advanced talks to acquire 15 to 20 percent in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake could be potentially valued between $1.5 billion and $2 billion, Reuters reported, citing informed sources. The transaction is expected to be finalised by the end of the year, the report said. First Quantum owns the Kansanshi and Sentinel copper mines in Zambia, as well as the Enterprise nickel mine in the African nation. The Zambian mines contributed just over $1 billion to First Quantum’s revenue in the second quarter of this year. Maaden-Alba merger ‘a potential game changer’ Manara takes a $2.5bn stake in Brazilian mining giant Maaden to buy Alcoa stake in Saudi venture for $1.1bn The Canadian miner intends to spend $1.3 billion at Kansanshi over the next five years as part of a $2 billion spending programme to increase copper output to 277,000 tonnes per year by 2033 from 130,000 tonnes in 2023. In May, Manara Minerals completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale. The company has reportedly been in talks to acquire a 15 percent stake in the $6.5 billion Reko Diq mining project in Pakistan.