On April 30, 2024, Vale S.A. announced the successful completion of its sale of a 10% equity stake in Vale Base Metals Limited (VBM) to Manara Minerals for approximately $3.4 billion (US$2.5 billion). The transaction, approved by regulatory authorities, marks a strategic partnership with Manara Minerals, a joint venture between Ma'aden and Saudi Arabia's Public Investment Fund. This alliance is set to accelerate the production of critical minerals essential for the global energy transition, with VBM planning significant investments in Brazil, Canada, and Indonesia. These investments aim to substantially increase copper and nickel production over the next decade.

Simultaneously, Vale S.A. revealed that an earlier agreement for a 3% equity stake with Engine No. 1 would no longer proceed, although future collaborations remain possible. Vale's CEO, Eduardo Bartolomeo, expressed pride in this major milestone, highlighting the deal as a reflection of confidence in Vale's ability to supply essential metals for energy transition. Bob Wilt of Manara Minerals emphasized the partnership's role in enhancing Saudi Arabia's mining sector and sourcing minerals critical for sustainable growth.