Saudi Arabia has signed investment deals worth SAR35 billion ($9.32 billion) to tap its $1.3 trillion in untapped mineral resources.
India’s Vedanta will invest SAR7.5 billion in Ras Al Khair Industrial City, developing a greenfield smelter and refinery. This facility will have a capacity of 400,000 metric tonnes annually, with a copper rod plant producing 300,000 metric tonnes.
Vedanta plans to start with a 125,000 metric tonne copper rod mill, requiring a $30 million investment. Construction begins soon, aiming for production by late 2025 or early 2026.
Saudi Arabia currently imports 365,000 metric tonnes of copper annually, a figure expected to double by 2035. Chris Griffith, Vedanta’s base metals CEO, emphasized that the projects will boost the kingdom’s self-reliance in copper supply.
Chinese and Australian Investments in Mining
China’s Zijin Mining will invest SAR5-6 billion in a zinc smelter producing 100,000 metric tonnes of zinc ingots annually. The project also includes a facility for 200,000 metric tonnes of sulphuric acid production in its first phase.
The second phase will produce 60,000 metric tonnes of battery-grade lithium carbonate, while the final phase includes a copper refinery producing 200,000 metric tonnes of cathodes.
Australia’s Hastings Technology Metals plans to invest SAR5.6-7.2 billion to establish rare earth processing facilities. The project will include hydrometallurgical processing, solvent extraction, and sourcing rare earth elements from Saudi mines.
Local and Global Collaboration
Canada’s Platinum Group Metals and Ajlan & Bros Mining are conducting feasibility studies for a SAR1.9 billion base metals refinery. Feedstock will come from South Africa’s Waterberg mine, currently under development.
Meanwhile, Ma’aden announced 52 investment opportunities worth SAR4 billion to boost private sector participation in mining projects.
