Vedanta Copper International has signed an MoU with the Ministry of Investment and Ministry of Industries & Mineral Resources of the Kingdom of Saudi Arabia to set up a 400 KTPA greenfield copper smelter & refinery and a 300 KTPA copper rod project with an investment of USD 2 billion.
Nov 26, 2024
Vedanta Copper International, a wholly-owned subsidiary of Vedanta Ltd., is eying to invest USD 2 billion to set up a 400-kilo-tonne per annum (KTPA) greenfield copper smelter and refinery, along with a 300-kilo-tonne per annum (KTPA) copper rod project. The company has signed an MoU with the Ministry of Investment and Ministry of Industries & Mineral Resources of the Kingdom of Saudi Arabia for significant copper projects, in alignment with Vision 2030.
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Mr. Chris Griffith, Chief Executive Officer – Base Metals, Vedanta Limited, remarked, “We are thrilled and truly honoured to collaborate with the Kingdom of Saudi Arabia in its Vision 2030 initiative. Our projects will enhance the Kingdom’s self-reliance in the copper supply chain. Saudi Arabia has been a leader in oil exploration and hydrocarbons for decades. Now, under visionary leadership, it is poised to tap into its vast, unexplored mineral potential, as it embraces the 4th Industrial Revolution.”
This strategic partnership underscores both Saudi Arabia and Vedanta’s commitment to sustainable development and economic diversification, marrying advanced technology with infrastructure build-out and contributing significantly to regional growth. Vedanta plans to commence operations in the Kingdom with a 125 KTPA copper rod mill project, which requires an investment of USD 30 million.
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Vedanta’s projects, including the copper smelter and refinery, as well as the forthcoming copper rod project, are set to be established in Ras Al Khair Industrial City within the Kingdom. All the necessary approvals to establish this project are in place, land has been acquired, technology orders have been placed, and work on the project site is expected to commence shortly. Commercial production is expected to start in full swing by Q4 FY 2025-26.
