Vedanta to invest $2 bn in Saudi copper projects
Vedanta Ltd on Tuesday said it aims to invest $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 $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 $1.3 trillion in mineral resources and elevate the minerals sector’s GDP contribution from $17 billion to $64 billion by 2030, the company said in a statement.
