Delhi Delhi. Vedanta Limited on Tuesday said it aims to invest USD 2 billion in key copper projects in Saudi Arabia. Vedanta Copper International, the wholly owned arm of Vedanta Limited, has signed a 400-million dollar deal with Saudi Arabia's Ministry of Investment and Ministry of Industry and Mineral Resources. Signing of an agreement to set up Kilo Tonnes Per Annum (KTPA) Greenfield Copper Smelter and Refinery and 300 Kilo Tonnes Per Annum (KTPA) Copper Rod Project Did it.
“This collaboration aims to invest US$2 billion in key copper projects within the Kingdom in line with Vision 2030,” Vedanta said in a statement. The initiative supports Saudi Arabia's ambitious Vision 2030, the company said in a statement. aims to unlock an estimated US$1.3 trillion in mineral resources and increase the contribution of the mineral sector to GDP to US$17 billion by 2030. To be increased from US$ 64 billion to US$ 64 billion.
The company plans to commence operations in the Kingdom with a 125 kilo tonne per annum capacity copper rod mill project, which requires an investment of US$30 million. All necessary approvals have been received to set up the project. Land has been acquired, orders for technology have been placed, and work at the project site is likely to begin soon. Commercial production of the project is likely to begin in full swing by 4QFY26. Is.
The Kingdom's copper demand currently stands at around 365 kilo tonnes per annum, which is expected to more than double by 2035, which is mainly met by imports. Including a copper smelter and refinery as well as an upcoming copper rod project Vedanta's projects are scheduled to be located in the Ras Al Khair Industrial City within the Kingdom. The recent visit to Vedanta's operations in India by senior officials from the Kingdom's Ministry of Mines and National Industrial Development Center has laid a solid foundation for further high-level discussions, which are progressing as planned, the company said. Said.
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