Saudi Arabia has launched its first significant foray into the global mining industry, with a deal to become a minority shareholder in Vale’s $26bn-valued copper and nickel unit.
The Brazilian group said on Thursday evening it had reached two separate agreements to divest a combined 13 per cent slice of its base metals operations for a total $3.4bn in cash.
A joint venture between Saudi Arabian Mining Company and the country’s Public Investment Fund will own 10 per cent of the division, which supplies materials required for the transition to cleaner energy. Investment firm Engine No. 1 will have a 3 per cent equity interest.
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