Saudi Arabia is close to finalizing a deal to acquire a stake in a copper mine in Zambia, with an estimated value of $1.5-2 billion for a 15-20% equity stake. This move aligns with the country's Vision 2030 strategy to reduce its reliance on oil and bolster its mining industry.

The deal, expected to be wrapped up by the end of the year, will see Saudi Arabia's leading mining company, Ma'aden, acquire a minority stake in Zambian copper and nickel assets owned by Canadian miner First Quantum Minerals. This marks a significant step in Ma'aden's international expansion, following its 2023 acquisition of a 10% stake in Vale's copper and nickel subsidiary.

The deal highlights the growing importance of copper in the global energy transition, with CEO Robert Wilt citing it as a "top priority" for Ma'aden. As the demand for copper increases, Saudi Arabia is positioning itself to become a key player in the global mining industry, diversifying its economy and securing essential minerals for the future.