DUBAI Saudi Arabian Mining Company, known as Ma'aden, has agreed to acquire a 10% stake in Brazil's base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets.

Ma'aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion.

"Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition," the company statement said.

The transaction, which will be financed by Ma'aden's own resources, is subject to regulatory approvals and expected to be completed in the first quarter of 2024.

(Reporting by Rachna Uppal; Editing by Angus MacSwan)