Saudi Arabia is making significant strides in the mining sector, announcing investment agreements worth SAR35 billion ($9.32 billion) with international companies to tap into its vast mineral resources, valued at $1.3 trillion.
Vedanta, an Indian company, plans to build copper facilities in Ras Al Khair Industrial City with a SAR7.5 billion investment. This includes a smelter and refinery capable of producing 400,000 metric tonnes per annum (mtpa) and a 300,000 mtpa copper rod plant. Currently, the nation imports much of its copper, with an annual demand of 365,000 mtpa, expected to more than double by 2035.
“Our projects will enhance the kingdom’s self-reliance in the copper supply chain,” said Chris Griffith, CEO of Vedanta’s base metals division.
Vedanta will start operations with a 125,000 mtpa copper rod mill, investing $30 million. Construction is set to begin soon, aiming for commercial production by late 2025 or early 2026.
China’s Zijin Mining will contribute SAR5-6 billion to a phased project, initially constructing a zinc smelter with capacities of 100,000 mtpa for zinc ingots and 200,000 mtpa for sulphuric acid. Later phases will include a lithium carbonate facility and a copper refinery.
Australia’s Hastings Technology Metals is set to invest SAR5.6-7.2 billion in rare earth processing facilities. This project will feature a hydrometallurgical plant, a solvent extraction separation facility, and a rare earth elements processing unit, sourcing materials from local mines.
Meanwhile, Canada’s Platinum Group Metals and Saudi’s Ajlan & Bros Mining are conducting feasibility studies for a SAR1.9 billion smelter and base metals refinery, using feedstock from South Africa’s Waterberg mine.
Additionally, the Saudi Arabian Mining Company (Maaden) has announced over 52 investment opportunities, worth SAR4 billion, to enhance private sector participation.
