Saudi Arabia's Public Investment Fund may strike the deal for a roughly 10% stake of Vale's nickel and copper operations.

The company said it will invest $498 million to develop an underground mine and infrastructure in an area known as the North Rim Skarn.

The company will defer making an investment decision about its Yanacocha Sulfides expansion project.

Construction of the new mine is largely on track, with C$429 million spent from 2021 to June 2023.

China's Zijin Mining and Norinco Group, South Africa's Sibanye Stillwater and an investment vehicle owned by ex-Glencore officials have been shortlisted in the race.

The Banbury facility will open in 2024.

For a company with “gold” in its name, Barrick Gold Corp. has become noticeably fixated on copper.