The Saudi Arabian company Ma’aden is going to acquire a stake in a Zambian copper mine by the end of 2024, Robert Wilt, CEO of Saudi Arabian mining company Ma’aden, told a Western news agency on the sidelines of the Future Investment Forum conference in Riyadh.
"We are looking at Zambia; we are talking with a company there, with a mine there, so those are pretty advanced stage discussions," Wilt said.
The Saudi corporation is reportedly in negotiations to purchase 15% to 20% of the assets of a Zambian company. According to the report, the stake is expected to cost the Saudi Arabian company approximately $1.5 billion to $2 billion.