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

Vedanta Copper International, a subsidiary of India’s Vedanta Group, has announced a substantial $2 billion investment in copper projects in Saudi Arabia. This move is in line with the Kingdom’s Vision 2030, a national initiative aimed at diversifying its economy and reducing its reliance on oil exports. The projects, which will be based in Ras Al Khair Industrial City, are expected to significantly enhance Saudi Arabia’s copper production capacity and contribute to its economic growth.

Key Projects: Copper Smelter, Refinery, and Rod Facility
The primary focus of Vedanta’s investment will be the development of a 400 kilotonnes per annum (ktpa) copper smelter and refinery, alongside a 300ktpa copper rod facility. The smelter and refinery will allow Saudi Arabia to process and refine copper locally, meeting the growing domestic demand for the metal, which is expected to double by 2035. With the country currently consuming around 365 ktpa, these projects are set to ensure greater self-reliance and reduce the need for imports, which are becoming increasingly costly and less sustainable.

These facilities are expected to generate thousands of jobs in the region and spur the development of downstream industries. Additionally, the projects are forecast to contribute approximately $19 billion to Saudi Arabia’s GDP and increase the mineral sector’s contribution to the country’s economy from $17 billion to $64 billion by 2030.

Strategic Role in Strengthening Saudi Arabia’s Mineral Industry
Chris Griffith, CEO of Vedanta Base Metals, expressed excitement over the partnership, stating that the projects would play a key role in enhancing Saudi Arabia’s self-sufficiency in the copper supply chain. He highlighted the Kingdom’s potential to emerge as a global player in copper production, shifting from its historical reliance on oil to developing its vast untapped mineral resources. As global copper demand is forecast to grow by 40% by 2040, the new facilities will be strategically positioned to meet this rising demand, making Saudi Arabia an important player in the global copper market.

Copper Rod Mill Project to Begin Operations by 2025-26
As part of the overall investment plan, Vedanta is also set to launch a copper rod mill project, with an initial investment of $30 million. This project is scheduled to begin commercial production by Q4 of the 2025-26 financial year. With all necessary approvals already secured, construction of the copper rod facility will begin shortly. The project is part of Vedanta’s broader vision to support Saudi Arabia’s mineral industry, create jobs, and diversify its industrial base.