Saudi Arabian Mining Company (Ma’aden) said on Wednesday it had completed the 10% acquisition of Brazil’s base metals company, according to a bourse filing on the Saudi stock exchange (Tadawul).

Ma’aden, which is majority owned by the Public Investment Fund (PIF), said its joint venture Manara Minerals Investment Company, had completed the acquisition of 10% of Vale Base Metals Limited on April 30, following a delay in regulatory approvals. 

In July 2023, the company announced Manara Minerals had signed a binding agreement to acquire a 10% stake in Vale Base Metals for $2.6 billion, as part of a strategy to invest in global mining assets.

“Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition,” a company statement said at the time.

In a bourse filing in March, Ma’aden said the transaction could not be completed as scheduled, as regulatory approvals had been delayed.

Ma’aden said at the time the delay would not have any financial impact.

(Writing by Bindu Rai, editing by Seban Scaria)