Vedanta plans $2 billion copper project in Saudi Arabia

Mining giant Vedanta Ltd is seeking to invest $2 billion in a major copper project in Saudi Arabia, news agencies reported. PTI Reported on Tuesday, November 26.

Vedanta Copper International, a wholly-owned subsidiary of Vedanta Limited, has signed an agreement with the Ministry of Investment and the Ministry of Industry and Mineral Resources of the Kingdom of Saudi Arabia to build a 400 tonnes per annum (KTPA) greenfield copper smelter and refinery Plant and copper rod project with an annual output of 300 tons (KTPA).

“This partnership aims to invest $2 billion in key copper projects in Saudi Arabia to achieve Vision 2030,” the mining giant said in a statement, according to the news agency.

Vedanta Ltd. shares closed 0.99% higher on Tuesday $448.55, compared to $The previous market close was 444.15.

The move supports Saudi Arabia’s Vision 2030, which aims to discover nearly $1.3 trillion in mineral resources by 2030 and increase the mining industry’s contribution to GDP from $17 billion to $64 billion.

Vedanta plans to launch operations in Saudi Arabia

According to reports, Vedanta plans to launch a copper rod factory project with an annual output of 125 tons in Saudi Arabia, which requires an investment of US$30 million.

The land and technology required for the project have been acquired; construction at the project site is expected to begin soon. According to the agency, full commercial production from the project is likely to start in the fourth quarter of fiscal 2026.

Saudi Arabia’s copper demand is 365 tonnes per year and is expected to double by 2035. This demand is currently met by importing copper from other countries.

The mining company’s projects include a copper smelter and refinery project, as well as a copper rod project, which is about to be established in Ras Al Khair Industrial City, Saudi Arabia.

The agency quoted Vedanta as saying that the country’s mining ministry and the National Industrial Development Center recently visited Vedanta’s India operations, laying a solid foundation for further high-level discussions.

Vedanta’s projects are expected to help create thousands of new jobs and boost hundreds of downstream industries. It would also contribute $19 billion to the country’s GDP, the report said.

Vedanta Ltd operates in multiple countries across industries including oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminum.