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Brazilian miner Vale said on Tuesday it concluded the sale of 10% of Vale Base Metals to Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund, for $2.5 billion, according to a securities filing.
Vale and Manara Minerals, a joint venture between Saudi Arabian Mining Company, known as Ma’aden 1211.SE, and Saudi Arabia’s Public Investment Fund, Vale also said on Tuesday a previous agreement with U.S.-based investment firm Engine No. 1, under which Engine would own a 3% equity stake in Vale Base Metals, has not advanced.
“Following further negotiations in recent months, both sides have agreed not to move forward with the previously agreed terms and conditions but remain open to future partnerships”, Vale said about the talks with Engine.Highlander Silver gets funding for new project bought from SSR Mining Funding has been negotiated with members of the Lundin family as well as Canadian mining billionaires Richard Warke and Eric Sprott.Even in an optimistic low emission scenario for 2050, more than half the world’s copper mines will be in areas exposed to drought risk that’s deemed significant.
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