Saudi Arabian Mining Company (Ma’aden) said on Tuesday that it is encountering delays with its acquisition of Brazil’s base metals company.

In July last year, the company announced that its joint venture (JV), Manara Minerals Investment Company, has signed a binding agreement to buy a 10% stake in Vale Base Metals Limited for $26 billion.

Manara is a joint venture established with the Public Investment Fund (PIF).

In its latest bourse filing, Ma’aden said the transaction could not be completed as scheduled, as regulatory approvals have been delayed.

“Ma’aden is still working on completing regulatory approval(s) and other customary conditions to complete the transaction,” the company told the Saudi Stock Exchange (Tadawul).

“Regulatory requirements are being completed as usual, but due to their connection to multiple regulatory bodies in more than one country, obtaining approvals was not completed within the expected timeframe.”

Ma’aden assured that the delay will not have any financial impact.

 (Writing by Cleofe Maceda; editing by Seban Scaria)