Manara Minerals Appoints Pierre Chenard as First Permanent CEO to Lead Expansion Efforts
Saudi Arabia’s Manara Minerals Investment Co., backed by the Saudi sovereign wealth fund, has appointed Pierre Chenard as its first permanent chief executive officer. Chenard, a seasoned dealmaker, joins the mining investment firm as it seeks to expand its portfolio.
Chenard brings a wealth of experience, having previously served as head of corporate development and strategy at AngloGold Ashanti Plc, and holding a similar role at Rio Tinto’s aluminum unit, according to sources familiar with the appointment.
Manara, under Chenard’s leadership, aims to accelerate Saudi Arabia’s ambitious plan to establish itself as a major player in the global metals and mining industry.
The firm’s mandate includes acquiring stakes in mines overseas and facilitating the processing of raw materials in Saudi Arabia.
Bob Wilt, the head of Maaden, the kingdom’s state-backed miner focused on domestic projects, has been serving as Manara’s interim CEO since its inception in 2023.
Chenard’s appointment coincides with Manara’s recent major transaction, involving the acquisition of a 10% stake in Vale SA’s base metals business for $2.5 billion. This acquisition includes assets in copper, nickel, and cobalt production.
Furthermore, Manara is actively pursuing additional investment opportunities. Bloomberg reported last month that the firm is progressing towards investing $1 billion in Pakistan’s Reko Diq mega copper project and is engaged in discussions with First Quantum Minerals Ltd. regarding a potential stake in its Zambian copper mines.
Manara’s emergence as a significant player in the mining industry has introduced a new dynamic, challenging the traditional dominance of Western miners.
The kingdom’s strategic position offers access to substantial capital pools, particularly appealing to Western producers amidst changing sentiments towards Chinese funds and growing environmental concerns among institutional investors.
