Vedanta Copper International Signs MoU with Saudi Arabia to Boost Copper Output
#VedantaCopper #VedantaCopperSaudiArabiaPartnership #Vision2030 #Copper"We are thrilled and truly honoured to collaborate with the Kingdom of Saudi Arabia in its Vision 2030 initiative. Our projects will enhance the Kingdom’s self-reliance in the copper supply chain. Saudi Arabia has been a leader in oil exploration and hydrocarbons for decades. Now, under visionary leadership, it is poised to tap into its vast, unexplored mineral potential, as it embraces the 4th Industrial Revolution." - Chris Griffith, Chief Executive Officer – Base Metals, Vedanta Limited
November 2024 : Vedanta Copper International has signed a Memorandum of Understanding (MoU) with the Ministry of Investment and Ministry of Industries & Mineral Resources of the Kingdom of Saudi Arabia. This collaboration aims to invest US $2 billion in significant copper projects within the Kingdom, in alignment with Vision 2030.
The projects encompass a 400 kilo tonne per annum (KTPA) greenfield copper smelter and refinery, along with a 300 KTPA copper rod project. These initiatives support Saudi Arabia's ambitious Vision 2030, which endeavors to unlock an estimated US $1.3 trillion in mineral resources and elevate the minerals sector's GDP contribution from US $17 billion to US $64 billion by 2030. Currently, the Kingdom's copper demand is around 365 KTPA which is anticipated to more than double by 2035, primarily met by imports at present.
Vedanta's projects, including the copper smelter and refinery, as well as the forthcoming copper rod project, are set to be established in Ras Al Khair Industrial City within the Kingdom.
Chris Griffith, Chief Executive Officer – Base Metals, Vedanta Limited, remarked, "We are thrilled and truly honoured to collaborate with the Kingdom of Saudi Arabia in its Vision 2030 initiative. Our projects will enhance the Kingdom’s self-reliance in the copper supply chain. Saudi Arabia has been a leader in oil exploration and hydrocarbons for decades. Now, under visionary leadership, it is poised to tap into its vast, unexplored mineral potential, as it embraces the 4th Industrial Revolution."
Vedanta plans to commence operations in the Kingdom with a 125 KTPA copper rod mill project, which requires an investment of US $30 million. All the necessary approvals to establish this project are in place, land has been acquired, technology orders have been placed, and work on the project site is expected to commence shortly. Commercial production is expected to start in full swing by Q4 FY 2025-26.
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