The CEO of Manara Minerals, the Public Investment Fund’s global mining investment unit, has stepped down after less than 18 months in the role. Pierre Chenard, whom Manara confirmed had retired recently, was a veteran mining industry dealmaker hired as Manara’s first full-time CEO in May 2024 to lead the kingdom’s plans to become a minerals hub by investing in global resources that could be exported to Saudi Arabia for processing and re-export. Chief Investment Officer Tarmo Haehnsen has been named acting CEO, Manara said in a statement.
Manara was launched in 2023 and has completed one major deal: a $2.5 billion investment to acquire a 10% stake in a copper and nickel-focused spinoff of Brazilian mining giant Vale. It has been linked to potential investments in Pakistan and Zambia.