According to SMM, Saudi Arabia's investment fund Manara Minerals is about to acquire a minority stake in Zambian copper and nickel assets held by Canadian mining company First Quantum Minerals. Manara, a joint venture between state-owned mining company Ma'aden and Public Investment Fund (PIF), boasts a $925 billion PIF. Manara is currently in advanced negotiations to acquire a 15-20% stake in Zambian assets. One source added that the value of these shares could be between $1.5 billion and $2 billion. The source indicated that the transaction for First Quantum Minerals to sell part of its stake in Zambian assets might be completed by the end of the year. They added that the negotiations are still ongoing, and it is uncertain whether an agreement will be signed.