Saudi Arabia Ramps Up Mining Foray in $2.6 Billion Brazil Deal
- PIF-Maaden venture wins race for 10% of base metals unit
- Saudi Arabia has made mining a key investement focus
Iron ore extraction at a Vale mine in Brazil.
Photographer: Dado Galdieri/BloombergThis 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.
The kingdom will spend $2.6 billion to buy the 10% holding through a venture between its sovereign wealth fund and state mining company, Maaden. The deal with Brazil’s biggest miner gives Saudi Arabia interests in mines from Indonesia to Canada producing copper, nickel and other industrial metals.