Saudi Arabia is attracting investors from China and India to explore its estimated $2.5 trillion worth of mineral resources. The government announced nine deals in Riyadh totaling over $9.32 billion, including a $2 billion copper mining agreement with India’s Vedanta and up to $1.6 billion primarily for zinc from China’s Zijin.
These untapped mineral resources, such as bauxite, copper, gold, and phosphate, are crucial for the energy transition. Mining has become a key focus in Crown Prince Mohammed bin Salman’s economic transformation plan. Significant investments are being made to discover and develop these resources into finished products.
Despite previous challenges in attracting foreign investment, the recent momentum indicates the sector’s potential and significance. Vedanta was drawn by incentives like land, water, and power services, along with the potential for reduced capital costs, according to the company’s base metals CEO.
