Riyadh – Sharikat Mubasher: Vedanta Copper International (VCI), a subsidiary of Indian conglomerate Vedanta Limited (VEDL), announced signing a Memorandum of Understanding (MoU) with Saudi Arabia’s Ministry of Investment (MISA) and Ministry of Industry and Mineral Resources (MIMR) to invest $2 billion in copper projects in the Kingdom.

The partnership goes in line with Saudi Arabia’s Vision 2030 objectives to expand its industrial and minerals sectors, according to a press statement by Vedanta.

The investment will focus on developing a 400 kilo-tonnes per annum (KTPA) greenfield copper smelter and refinery, alongside a 300 KTPA copper rod manufacturing facility.

 Both projects will be situated in Ras Al Khair Industrial City, targeting the Kingdom's growing demand for copper, which currently stands at 365 KTPA and is expected to more than double by 2035.

VCI’s initial endeavor includes a 125 KTPA copper rod mill, backed by a $30 million investment. The project is already underway, with land acquisition and approvals completed, and technology orders placed. Construction is set to commence soon, with commercial production slated for the fourth quarter of the 2025-26 fiscal year.

According to Vedanta’s statement, recent visits by senior Saudi officials to Vedanta’s Indian operations have strengthened bilateral ties, paving the way for high-level collaboration on the upcoming projects.

Saudi Arabia’s minerals sector is poised for significant growth as the Kingdom seeks to unlock $1.3 trillion in estimated mineral resources. The goal is to increase the sector’s GDP contribution from $17 billion to $64 billion by 2030. The partnership with Vedanta aligns with this vision, leveraging the Indian company's expertise in mineral extraction and processing.

This collaboration underscores Saudi Arabia’s ambitions to position itself as a hub for advanced industries and sustainable resource development on the global stage.