Vedanta to invest $2 billion in Saudi copper facilities

RIYADH, November 28, 2024 – India’s Vedanta Copper International plans to invest USD 2 billion in copper projects in Saudi Arabia, the company announced earlier this week.

The company’s plans include the construction of a smelter and refinery with a capacity of 400,000 tonnes per year (tpy), as well as a facility to produce up to 300,000 tpy of copper rods.

The company signed an MoU on the investments with Saudi Arabia’s Ministry of Investment and Ministry of Industries and Mineral Resources.

The news comes as a boost for Saudi Arabia’s plans to become a global metals and mining hub, part of its Vision 2030 economic diversification plan.

Read more about Vision 2030 in our latest interview with Asharqia Chamber chairman Bader Al Reziza here.

The projects are expected to help facilitate the development of hundreds of downstream industries, and will contribute around USD 19 billion to the national GDP, according to Vedanta.

“Our projects will enhance the Kingdom’s self-reliance in the copper supply chain,” Vedanta CEO for base metals Chris Griffith said.

“Saudi Arabia has been a leader in oil exploration and hydrocarbons for decades. Now, under visionary leadership, it is poised to tap into its vast, unexplored mineral potential, as it embraces the 4th Industrial Revolution.”

The first project to commence will be a USD 30-million copper rod mill, where commercial production is scheduled to launch in 2026.

Global copper demand has been forecasted to soar beyond 30 million tonnes per year by 2030, up from 24.8 million tonnes in 2022.

Vedanta’s own predictions see this demand growing by 40% by 2040.

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