Saudi Arabia has announced nine substantial investment agreements in the metals and mining sector, totaling over $9.3 billion. This development aligns with the country’s Vision 2030 plan, aiming to diversify its economy and attract significant foreign investment.
The deals were unveiled at the World Investment Conference in Riyadh, part of the Saudi National Investment Strategy. Key participants include India’s Vedanta and China’s Zijin Group.
Vedanta’s Investment
Vedanta plans to build copper facilities at Ras Al-Khair with an investment of SR7.5 billion. The project will include a smelter, a 400,000 mtpa refinery, and a 300,000 mtpa copper rod plant. This initiative is expected to enhance domestic copper production and contribute SR70 billion to economic growth.
Vedanta’s CEO, Chris Griffith, highlighted the incentives offered by Saudi Arabia, such as land, water, and power services, as key factors in their decision to invest. The company is also considering partnering with local entities to advance these projects.
Zijin’s Contribution
Zijin Group intends to invest SR5-6 billion to establish a zinc smelter producing 100,000 tpa of zinc ingots and 200,000 tpa of sulfuric acid. Future phases include a lithium carbonate extraction facility and a copper refinery.
Other Notable Projects
- Hastings Technology Metals from Australia will invest SR5.6-7.2 billion in rare earth processing facilities.
- Platinum Group Metals, in collaboration with Ajlan & Bros Mining, plans a SR1.9 billion investment for a platinum group metals smelter and refinery, sourcing materials from South Africa.
These investments are crucial steps in Saudi Arabia’s efforts to diversify its economy and bolster its industrial base as part of its Vision 2030 objectives.
