Ma’aden and Public Investment Fund completed the acquisition of a 13% stake in Vale Base Metals from Vale for $3.4bn.

Ma’aden, a Saudi state-owned mining company, and Public Investment Fund, the sovereign wealth fund of Saudi Arabia, agreed to acquire a 13% stake in Vale Base Metals, the holding entity for Vale’s energy transition metals business of Vale, a Brazilian multinational corporation engaged in metals and mining, for $3.4bn. "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," Eduardo Bartolomeo, Vale CEO.