Mining major Vedanta Ltd is looking to invest $2 billion in significant copper projects in Saudi Arabia, news agency PTI reported on Tuesday, November 26.
Vedanta Copper International, a wholly owned subsidiary of Vedanta Ltd, signed a pact with the Ministry of Investment and Ministry of Industries & Mineral Resources of the Kingdom of Saudi Arabia to set up a 400 kilo-tonne per annum (KTPA) greenfield copper smelter and refinery and a 300 kilo-tonne per annum (KTPA) copper rod project.
“This collaboration aims to invest $2 billion in significant copper projects within the Kingdom, in alignment with Vision 2030,” the mining major said in a statement according to the news agency.
Vedanta Ltd. shares closed 0.99 per cent higher after Tuesday's market session at ₹448.55, compared to ₹444.15 at the previous market close.
This move supports Saudi Arabia's Vision 2030, which aims to uncover nearly $1.3 trillion in mineral resources and elevate the minerals sector's GDP contribution from $17 billion to $64 billion by 2030.
Vedanta plans to start its operations in Saudi with a 125 kilo-tonne per annum copper rod mill project, which needs an investment of $30 million, as per the report.
The land and technology needed for the project have been acquired; work on the project site is expected to begin shortly. According to the agency, commercial production of this project is likely to start in full swing by the fourth quarter of the financial year 2026.
Saudi Arabia's copper demand is at 365 kilo-tonne per annum, which is expected to double by 2035. The demand is currently fulfilled by importing copper from other countries.
The mining major's projects include a copper smelter and refinery project, along with the copper rod project, which is poised to be set up in Ras Al Khair Industrial City in Saudi Arabia.
The country's Ministry of Mines and the National Industrial Development Centre recently visited Vedanta's India operations and laid a solid foundation for further high-level discussions, reported the agency citing the company.
Vedanta's projects are expected to help create thousands of new jobs and facilitate the development of hundreds of downstream industries. It is also set to contribute $19 billion to the nation's GDP, as per the report.
Vedanta Ltd has operations in multiple countries in the sectors like oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium.
