New Delhi, Nov 26 (PTI) Vedanta Ltd on Tuesday said that it aims to invest USD 2 billion in significant copper projects in Saudi Arabia.
A pact was signed by Vedanta Copper International, a wholly-owned arm of Vedanta Ltd, 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 USD 2 billion in significant copper projects within the Kingdom, in alignment with Vision 2030,” Vedanta said in a statement.
These initiatives support Saudi Arabia’s ambitious Vision 2030, which endeavours to unlock an estimated USD 1.3 trillion in mineral resources and elevate the minerals sector’s GDP contribution from USD 17 billion to USD 64 billion by 2030, the company said in a statement.
The company plans to begin the operations in the Kingdom with a 125 kilo tonne per annum copper rod mill project, which requires an investment of USD 30 million.
All the necessary approvals to establish this project are in place, land has been acquired, technology orders have been placed, and work on the project site is likely to begin shortly.
The commercial production of this project is likely to start in full swing by the fourth quarter of FY26.
The Kingdom’s copper demand at present is around 365 kilo tonne per annum, a figure likely to more than double by 2035, primarily met by imports currently.
Vedanta’s projects, including the copper smelter and refinery, as well as the forthcoming copper rod project, are set to establish in Ras Al Khair Industrial City within the Kingdom.
Recent visits by senior officials from the Kingdom’s Ministry of Mines and the National Industrial Development Centre to Vedanta’s operations in India have laid a solid foundation for further high-level discussions, progressing as planned, the company said.
Together, these projects are likely to help create thousands of new jobs, facilitate the development of hundreds of downstream industries, and will contribute USD 19 billion to the national GDP.
Crucially, over time, they will also help the Kingdom move closer to achieving self-sufficiency in its copper supply chain.
Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, has its operations in various countries in the sectors like oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium. PTI SID HVA
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