Saudi Arabia's Manara Minerals fund plans metals trading arm | Reuters
Saudi Arabian investment fund Manara Minerals is planning to set up a metals trading arm to support its interests in mining companies overseas, its acting chief executive said on Thursday.
Manara was established as part of the kingdom's efforts to diversify its economy from oil, tapping its vast resources of phosphate, gold, copper and bauxite while buying minority stakes of up to 20% in assets overseas. It is a joint venture between state-owned miner Ma'aden (1211.SE) and the Public Investment Fund (PIF).
"We envision Manara having a trading arm," Manara Acting CEO Robert Wilt told Reuters in an interview on the sidelines of the Future Minerals Forum (FMF) mining gathering in Riyadh.
"Our fist phase of setting up the company is get the investment rolling, but all of these investments are predicated on an offtake... so there is going to be some level of trading to manage the books of offtake minerals we have," he added.
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