Riyadh – 28 July 2023 – Manara Minerals Investment Company (“Manara Minerals”), a joint venture between the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund (PIF), today signed an agreement with Vale S.A. (Vale), under which Manara Minerals will make an equity investment in Vale Base Metals Limited (VBM), the holding entity of Vale’s Energy Transition Metals business. Concurrently, Vale signed an investment agreement with Engine No. 1 under the same economic terms.

Under the agreements, Manara Minerals and Engine No.1 will hold a 10% and 3% equity interest, respectively, in VBM, at an implied enterprise value of US$26.0 billion. Through this transaction, Manara Minerals will gain access to high quality supply chains across strategic minerals, including nickel, copper, and cobalt, which will support the growth of the Kingdom’s mining sector in line with the objectives of Vision 2030. Manara Minerals aims to contribute to the resilience of global supply chains and accelerate the global energy transition.

Vale Base Metals has projects in world leading mining jurisdictions including Canada, Brazil and Indonesia. Manara Minerals’ investment into VBM will play a key role in helping it to expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition.

Robert Wilt, Executive Director of Manara Minerals and CEO of Ma’aden, said, “This investment is an important milestone for Manara Minerals. Through our investment in VBM, we are increasing the supply of strategic minerals and enabling Saudi Arabia to play a growing role in the global energy transition supply chains.

“Our proactive approach is a step further towards Saudi Vision 2030. It will support local industrial development, create jobs across the Kingdom, and strengthen the position of the mining sector as the third pillar of the economy.”

Eduardo Bartolomeo, Vale’s CEO, said, “We see these strategic investments as a major milestone in our path to accelerate accretive growth in our Energy Transition Metals business platform, creating significant long-term value to all of our stakeholders. With our high-quality portfolio, we are uniquely positioned to meet the growing demand for green metals essential for the global energy transition, while remaining committed to strong social and environmental practices and sustainable mining."

Formed in January this year following an announcement at the Future Minerals Forum in Riyadh, Manara Minerals aims to invest in mining assets globally to secure strategic minerals that are essential for the resilience of global supply-chains. Backed by Ma’aden, a global leading mining company, and PIF, one of the world’s largest sovereign wealth funds and a key enabler of the Kingdom’s Vision 2030, Manara Minerals aims to gain access to the resources that will accelerate the development of world class mining assets.