Saudi Arabia's Manara Minerals is closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals' (FM.TO), opens new tab Zambian copper and nickel assets, three people familiar with the details told Reuters.
Manara, a joint venture between Saudi Arabian mining company Ma'aden (1211.SE), opens new tab and its $925 billion Public Investment Fund, is in advanced talks to acquire between 15% and 20% equity in the Zambian assets, the sources said.
The stake could be worth between $1.5 billion and $2 billion, one of the sources added.
First Quantum's sale of a stake in the Zambian assets could be concluded by year-end, the sources said. There is no certainty that a deal will be signed as the negotiations are ongoing, they added.
Both First Quantum and Manara Minerals declined to comment on the sale.
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