RIYADH: India’s Vedanta Copper International plans to invest $2 billion in Saudi Arabia to establish major copper projects, aligning with the Kingdom’s Vision 2030 goals to diversify its economy and reduce reliance on oil.
This investment, formalised at the World Investment Conference in Riyadh, includes a 400-kilotonnes-per-annum (KTPA) greenfield copper smelter and refinery, a 300 KTPA copper rod project, and an initial 125 KTPA copper rod mill costing $30 million, expected to commence commercial production by Q1 of FY 2025-26.
The project will address Saudi Arabia’s significant copper import dependency – currently about 365,000 tonnes annually, projected to double by 2035.
Untapped mineral potential
It is also set to support the Kingdom’s untapped mineral potential valued at $1.3 trillion and its aim to increase the mining sector’s GDP contribution from $17 billion to $64 billion by 2030.
Over time, the copper initiatives are expected to generate thousands of jobs and contribute approximately $19 billion to Saudi Arabia’s GDP
Separately, Vedanta’s parent company, Vedanta Resources, raised $800 million through a dual-tranche bond issuance to bolster its financial position, reflecting the company’s broader strategy to enhance global mining and industrial operation
