Saudi Arabia is making significant strides in the mining sector, announcing investment deals with international companies totaling SAR35 billion (approximately $9.32 billion). This initiative aims to tap into the nation’s estimated $1.3 trillion in untapped mineral resources.
India’s Vedanta plans to develop copper facilities worth SAR7.5 billion in Ras Al Khair Industrial City. The project includes a greenfield smelter and refinery with a capacity of 400,000 metric tonnes per annum (tpa) and a 300,000 tpa copper rod plant. Currently reliant on imports, Saudi Arabia’s copper demand stands at 365,000 tpa, expected to more than double by 2035.
Chris Griffith, CEO of Base Metals at Vedanta, stated, Our projects will enhance the kingdom’s self-reliance in the copper supply chain.
The initial phase involves a 125,000 metric tpa copper rod mill with a $30 million investment, with construction beginning soon and production expected in Q4 2025-26.
Chinese firm Zijin is investing SAR5-6 billion in a multi-phase project that includes a zinc smelter and a lithium carbonate extraction facility. The first phase will produce 100,000 tpa of zinc ingots and 200,000 tpa of sulphuric acid. Subsequent phases will focus on lithium carbonate and copper production.
Australia’s Hastings Technology Metals will invest SAR5.6-7.2 billion in rare earth processing facilities. This phased project will include hydrometallurgical and solvent extraction plants, targeting rare earth sourcing within Saudi Arabia.
Furthermore, feasibility studies are underway by Canada’s Platinum Group Metals and Saudi-based Ajlan & Bros Mining for a SAR1.9 billion smelter and refinery, with materials sourced from South Africa’s Waterberg mine.
Saudi Arabian Mining Company (Maaden) is offering over 52 investment opportunities valued at SAR4 billion to enhance private sector participation, according to a senior executive.
