Saudi’s new mining vehicle picks industry veteran as first CEO
Saudi Arabia’s Manara Minerals Investment hired veteran dealmaker Pierre Chenard to be its first permanent CEO as the mining investment firm searches for more assets.
Manara, backed by the Saudi sovereign wealth fund, is spearheading the kingdom’s ambitious plan to become a major player in metals and mining. The vehicle has been tasked with snapping up stakes in mines overseas and funneling the raw materials back to Saudi Arabia for processing.
Chenard joins Manara after heading corporate development and strategy at AngloGold Ashanti, according to people familiar with the appointment who asked not to be identified. He previously held a similar role at Rio Tinto’s aluminum unit.
A representative for Manara declined to comment.
Bob Wilt, head of Maaden — the kingdom’s state-backed miner focused on domestic projects — has been acting Manara CEO since its inception in 2023.
Chenard is arriving just as Manara concludes its first major transaction — paying $2.5-billion for 10% of Vale's base metals business, comprising of copper, nickel and cobalt producing assets.
And there are other deals in the pipeline. Bloomberg reported last month that Manara is moving closer to investing $1 billion in Pakistan’s mega copper project Reko Diq. It’s also in talks with First Quantum Minerals about buying a stake in its Zambian copper mines.
Manara’s emergence as a major player in mining has created a new dynamic in the industry, where traditionally Western miners have vied with Chinese companies and Japanese trading houses to secure access to the best resources.
For Western producers, the kingdom offers access to deep pools of capital at a time when Chinese funds are becoming less politically palatable and as some institutional investors turn away from mining over environmental concerns.
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