Saudi Arabia has announced nine major investment agreements in the metals and mining sector, totaling over 35 billion riyals ($9.32 billion). These deals, revealed at the World Investment Conference in Riyadh, involve prominent companies like India’s Vedanta and China’s Zijin Group.
This initiative aligns with Saudi Arabia’s Vision 2030, aiming to diversify its economy and reduce dependence on fossil fuels. The kingdom seeks to attract $100 billion in foreign investment annually by 2030.
Vedanta plans to invest 7.5 billion riyals in building copper facilities at Ras Al-Khair, including a smelter and refinery with a capacity of 400,000 metric tons per annum. This project is expected to boost domestic copper production and contribute 70 billion riyals to economic growth.
Vedanta’s interest in Saudi Arabia is driven by incentives such as land, water, and power services, and the potential for lower capital costs. The company is considering a local partnership to further these projects.
Zijin Group will invest between 5 billion to 6 billion riyals, starting with a zinc smelter capable of producing 100,000 tpa of zinc ingots and 200,000 tpa of sulphuric acid. Subsequent phases include a lithium carbonate extraction facility and a copper refinery.
Australia’s Hastings Technology Metals will develop rare earth processing facilities, investing between 5.6 billion and 7.2 billion riyals. The project encompasses a hydrometallurgical plant and a solvent extraction facility.
Additionally, Platinum Group Metals from Vancouver is exploring a 1.9 billion riyal platinum group metals smelter in partnership with Ajlan & Bros Mining, sourcing feedstock from South Africa’s Waterberg mine.