Saudi Arabia Ventures Into Copper And Nickel Mining

Saudi Arabia is making a foray into copper and nickel mining with the acquisition of a stake in Vale’s base metal business. In a $3.4-billion cash deal, Saudi Arabian Mining Company and the Saudi Public Investment Fund will buy a 13% stake in the Brazilian miner’s copper and nickel operations, the Financial Times reported, noting the deal valued the business at $26 billion. The two Saudi entities will operate as a joint venture, dubbed Manara Minerals. The company was set up in January. Saudi Arabia last year gave a strong signal it…