Saudi Arabia’s state-backed mining investment vehicle Manara Minerals has sounded out industry players as it evaluates a potential push into global metals trading, according to people familiar with the matter.
Manara, a joint venture between the Public Investment Fund and Ma’aden, is understood to be engaging with mining companies, traders, and financial institutions to assess opportunities across base and battery metals. The move would mark an expansion beyond its current strategy of taking equity stakes in overseas mining assets.
Sources said the initiative is aimed at strengthening Saudi Arabia’s access to critical minerals and gaining greater influence across the metals value chain, from extraction to marketing and trading. A trading arm could also help Manara optimise returns from its mining investments and better manage price volatility in global commodities markets.
The discussions are at an early stage, and no final decision has been taken on the structure or scale of any trading operations. However, the outreach reflects growing ambition within Saudi Arabia to position itself as a major player in the global metals and mining ecosystem, particularly as demand rises for materials linked to energy transition and industrial growth.
Manara has been actively pursuing stakes in international mining projects as part of the kingdom’s broader strategy to diversify its economy and secure long-term supplies of copper, nickel, lithium, and other critical metals. An entry into metals trading would further align with this objective by providing market intelligence and commercial leverage in an increasingly tight global supply environment.