Saudi Arabia has secured nine investment deals in the metals and mining sector, totaling over 35 billion riyals ($9.32 billion), with major companies including India’s Vedanta and China’s Zijin Group. These agreements were announced at the World Investment Conference in Riyadh, under the Global Supply Chain Resilience Initiative, part of Saudi Arabia’s Vision 2030 strategy to diversify its economy.
Vedanta plans to invest 7.5 billion riyals in building copper facilities at Ras Al-Khair, which will include a smelter and refinery with a 400,000 metric ton per year capacity, along with a 300,000 tpa copper rod plant. This project aims to boost Saudi Arabia’s self-sufficiency in copper production and contribute significantly to economic growth.
Chris Griffith, Vedanta’s base metals CEO, highlighted the incentives such as land, water, and power services, as well as the potential for lower capital costs in Saudi Arabia. The company is also considering local partnerships to further its projects.
Zijin Group’s investment ranges from 5 billion to 6 billion riyals, focusing initially on a zinc smelter with a capacity of 100,000 tpa of zinc ingots and 200,000 tpa of sulfuric acid. The subsequent phases will include a lithium carbonate extraction facility and a copper refinery.
Australia’s Hastings Technology Metals plans to invest between 5.6 billion and 7.2 billion riyals in processing facilities for rare earth elements, featuring a hydrometallurgical plant and a solvent extraction facility.
Platinum Group Metals from Vancouver is working with Ajlan & Bros Mining on a 1.9 billion riyal project for a platinum group metals smelter and base metals refinery, sourcing materials from South Africa’s Waterberg mine.