Core Viewpoint - Manara Minerals, a joint venture between the Public Investment Fund (PIF) and Maaden, is exploring potential partnerships with major global commodity trading firms to enhance its trading activities and strengthen Saudi Arabia's position in global metals supply chains [2][3]. Group 1: Partnership Discussions - Manara is in talks with leading traders such as Glencore Plc and Mercuria Energy Group Ltd. to explore a potential partnership [3]. - The discussions include options for establishing a formal joint trading venture, entering into an agency agreement for logistics support, or cooperating on a deal-by-deal basis [3]. - Manara has reached out to over a dozen trading houses, including Javelin Global Commodities, Ocean Partners Holdings, and Trafigura Group, indicating a broad interest in expanding its trading network [4]. Group 2: Strategic Acquisitions - In 2023, Manara acquired a $2.6 billion stake in Vale SA's base metals unit, which includes offtake volumes of copper and nickel [5]. - The establishment of a trading joint venture could enable Manara to extract greater value from these supplies and secure additional raw materials for Saudi Arabia and Maaden [5].