Vedanta has inked an agreement with the Saudi government to invest US$2 billion in copper projects.The diversified miner's copper arm, Vedanta Copper International, has signed a memorandum of understanding with Saudi ministries to invest $2 billion in copper projects in the country.Vedanta will invest in a 400,000tpa smelter and refinery, and a 300,000tpa copper rod project in the Ras Al Khair Industrial City located in Saudi Arabia's Eastern Province.
The government aims to raise the minerals sector's GDP contribution from $17 billion to $64 billion by 2030. Saudi copper demand currently stands at 365,000tpa and is projected to more than double by 2035."Our projects will enhance the Kingdom's self-reliance in the copper supply chain," Chris Griffith, chief executive of Base Metals at Vedanta, said. "Our projects will enhance the Kingdom's self-reliance in the copper supply chain.