International law firm Dorsey & Whitney LLP is representing Manara Minerals, a joint venture formed by Saudi Arabian Mining Company (Ma'aden) and the country's Public Investment Fund (PIF), in a deal to acquire 10% of Vale Base Metals Limited (VBM), the holding entity of Vale SA's energy transition metals business. The binding agreement between Manara Minerals and Vale was signed on July 27, 2023. Engine No. 1, a U.S. investment firm, concurrently entered into an agreement with Vale to buy a 3% stake in VBM. The total consideration to be paid under both agreements is $3.4 billion. The investments imply an implied enterprise value for VBM of $26 billion. The closing is expected to occur by the first quarter of 2024, subject to customary conditions precedent, including relevant regulatory approvals.

Manara Minerals is a new venture between Ma'aden and PIF established to invest in mining assets globally and support the development of resilient global supply chains. The company aims to initially invest in iron ore, copper, nickel, and lithium.

The Dorsey team is being led by Marc Kushner, a Partner in Dorsey's New York office, and Stewart Worthy, a Partner in Dorsey's London office.