Saudi Arabia’s Manara Minerals Investment Co. has appointed veteran dealmaker Pierre Chenard as its first permanent chief executive officer. This move comes as the mining investment firm intensifies its search for more assets.
Supported by the Saudi sovereign wealth fund, Manara is at the forefront of the kingdom’s ambitious strategy to establish itself as a major force in metals and mining. The firm is tasked with acquiring stakes in overseas mines and channeling the raw materials back to Saudi Arabia for processing.
Chenard, formerly in charge of corporate development and strategy at AngloGold Ashanti Plc, joins Manara following his previous role in a similar capacity at Rio Tinto’s aluminum division, according to sources familiar with the appointment who wished to remain anonymous. Manara’s representative declined to comment.
Since its inception in 2023, Bob Wilt, head of Maaden—the kingdom’s state-backed miner focusing on domestic projects—has served as the acting Manara CEO.
Chenard’s arrival coincides with Manara’s completion of its first significant deal: a $2.5 billion acquisition of a 10% stake in Vale SA’s base metals business, which includes copper, nickel, and cobalt assets.
Additional deals are also in progress. Bloomberg reported last month that Manara is nearing a $1 billion investment in Pakistan’s large-scale copper project Reko Diq. Moreover, discussions are underway with First Quantum Minerals Ltd. about purchasing a stake in its Zambian copper mines.
Manara’s rise as a significant player in mining introduces a new dynamic to the industry, traditionally dominated by Western miners competing with Chinese companies and Japanese trading houses for prime resources.
For Western producers, Saudi Arabia offers access to substantial capital reserves at a time when Chinese funding is becoming less favorable politically and some institutional investors are distancing themselves from mining due to environmental concerns.
