Vedanta to Invest $2 Billion in Copper Projects to Support Saudi Arabia’s Vision 2030

Vedanta Copper International Invests $2 Billion in Saudi Copper Projects

Vedanta Copper International, part of India’s Vedanta Group, is investing $2 billion in copper projects in Saudi Arabia. This investment aligns with Saudi Arabia’s Vision 2030, which aims to diversify its economy and reduce reliance on oil. The projects will be based in Ras Al Khair Industrial City and will significantly boost the country’s copper production capacity.

Key Projects: Copper Smelter, Refinery, and Rod Facility

Vedanta’s $2 billion investment focuses on developing a 400 kilotonnes per annum (ktpa) copper smelter and refinery. In addition, the company will build a 300ktpa copper rod facility. These new facilities will allow Saudi Arabia to process and refine copper locally. As domestic copper demand is projected to double by 2035, these projects are essential. The country currently consumes 365 ktpa of copper, making local production increasingly crucial. With these projects, Saudi Arabia can reduce its reliance on costly copper imports.

The projects will create thousands of jobs in the region and provide a significant economic boost. They will contribute around $19 billion to Saudi Arabia’s GDP. The mineral sector’s contribution to the country’s economy is set to increase from $17 billion to $64 billion by 2030.

Strengthening Saudi Arabia’s Mineral Industry

Chris Griffith, CEO of Vedanta Base Metals, spoke positively about the projects. He emphasized their role in enhancing Saudi Arabia’s self-sufficiency in copper production. The country has the potential to become a global leader in copper production by shifting from oil dependence to utilizing its vast mineral resources. With global copper demand expected to grow by 40% by 2040, these new facilities will help Saudi Arabia meet this growing demand and strengthen its position in the global copper market.

Copper Rod Mill Project to Begin Operations by 2025-26

As part of the investment, Vedanta will also launch a copper rod mill project with an initial investment of $30 million. The company expects commercial production to begin by Q4 of the 2025-26 financial year. Construction will start soon as all necessary approvals are already in place. This project is part of Vedanta’s broader vision to support Saudi Arabia’s mineral industry, create jobs, and help diversify the country’s industrial base.