PIF-backed Manara Minerals Investment is eying a stake in Zambia's First Quantum Minerals copper mines Sentinel and Kansanshi, Bloomberg reported on Thursday, citing sources it said are familiar with the matter.

Global interest: The UK’s Rio Tinto and Japan’s trading houses Mitsui and Sumitomo are also considering acquiring a stake in the mines. Chinese state-owned Jiangxi Copper, First Quantum’s second-biggest shareholder, also held talks with the company earlier this year to offload a stake in the mines, Reuters reported at the time. The interest in the mines is driven by the anticipated surge in demand for copper, which is essential for EVs and renewable energy infrastructure, Bloomberg adds.

About the mines: First Quantum owns 100% of the Sentinel mine and 80% of the Kansanshi mine, and Zambia’s government owns the rest of the latter, according to Reuters. The mines could be valued at USD 6 bn.

A USD 1 BN INVESTMENT IN PAKISTAN?

Manara is also said to be close to a USD 1 bn investment in Barrick Gold’s Reko Diq copper and gold mining project in Pakistan, Bloomberg reported on Thursday. A preliminary agreement could be made public in a matter of weeks. The news comes after recent discussions between Crown Prince and Prime Minister Mohammed bin Salman and Pakistani Prime Minister Shehbaz Sharif and a visit to Pakistan by Foreign Minister Prince Faisal bin Farhan.

But it may be a while yet… Saudi was reportedly looking to snap up stakes in the mines last November. Barrick said back in July it was open to selling shares to a Saudi company and started talks earlier this month. Emirati consulting firm RB&A is advising Pakistan on the sale and will value the state’s stake by the end of December, suggesting a transaction may be unlikely before then.

About the project: The copper-gold mine is 50% owned by Canadian mining firm Barrick Gold, which in August said it could invest as much as USD 10 bn to tap into the project’s full potential. Pakistan’s government and the state of Balochistan own the remainder of the mine’s shares. The Reko Diq project, located in the Balochistan region, is expected to start production in 2028, Bloomberg reported.