Vedanta plans $2B Saudi copper investments
The largest Indian mining firm called Vedanta Limited plans an investment of $2 billion in copper projects in KSA. This investment helps achieve Saudi Arabia’s Vision 2030 objectives, lighting the nation to break from oil dependence. Some of its action plans include development of one of the largest copper smelter and refinery that has the capacity of 400000 tones per annum and the copper rod plant that has the production capacity of 300000 tonnes per annum. These measures are believed to can increase Saudi Arabia’s GDP by the approximation of $19bn, improve the country’s copper pipeline, and provide thousands of people with jobs.
It is expected that consumption of copper in Saudi Arabia will increase from the current level of 365,000 tonnes by at least the year 2035. Investment for the Vedanta precisely becomes important to set up the domestic production because for most of it, relies on imports.
The declaration comes at the time when Saudi Arabia has stepped up efforts to attract foreign funds into its mining sector. The kingdom signed nine large-scape mining and metals investments worth more than $9 billion at the World Investment Conference in Riyadh in recent weeks with partners including Hastings Technology Metals of Australia and Zijin Group of China.
When approached, The CEO of Vedanta’s Base Metals division, Chris Griffith stated to the media that he was excited to be developing Vision 2030 with Saudi Arabia.
The projects aim at positioning the kingdom of Saudi Arabia as one of the leading players in the copper market around the world at the same time catering for the increasing internal demand of copper in the country. This development fits the larger agenda that the kingdom has had for several years, namely to grow the mining sector hence diversifying the economy.
