Saudi Arabia is in advanced negotiations to acquire a 15–20% stake in Zambian copper and nickel assets owned by First Quantum Minerals, with a deal expected by year-end.

This acquisition, led by Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund,– aligns with the Vision 2030 strategy to diversify the Saudi Arabian economy beyond petrochemicals and increase its focus on critical minerals. 

The stake would establish Saudi Arabia’s presence in Africa’s copper belt, marking a significant entry by a Middle Eastern country into Africa’s copper industry. For the copper market, Saudi Arabia’s investment highlights the sector’s growing importance as nations seek secure sources of materials essential for the energy transition. This move could intensify competition for African resources, drive infrastructure development, and potentially impact copper prices as demand rises. 

By expanding its involvement in African minerals, Saudi Arabia may reduce Africa’s dependency on traditional investors such as China, encouraging more diverse investment flows and potentially stabilising copper supply over the long term. As Middle Eastern nations, including Saudi Arabia and the UAE, increase their investments in Africa, a reshaping of the continent’'s mining landscape could be underway. Furthermore, these new partnerships have the potential to influence trade, resource policies, and geopolitical alliances within the copper market.