Commodities
Saudis Make First Big Global Mining Bet With Vale Metals Stake
- PIF-Maaden venture wins race for 10% of base metals unit
- Investment firm Engine No. 1 will buy an additional 3% stake
This article is for subscribers only.
Saudi Arabia has made the first big deal in a push to deploy its vast wealth into the global mining industry, agreeing to buy a stake in Vale SA’s base metals unit.
Saudi sovereign wealth vehicle, Public Investment Fund, and Saudi Arabian Mining Co., known as Maaden, will purchase a 10% stake in a company created to house Vale’s base metal assets, Vale said Thursday. Separately, investment firm Engine No. 1 will buy a 3% stake. The total amount to be paid under both agreements is $3.4 billion.