Vedanta Plans to Invest $2 Billion in Saudi Copper Projects
- The kingdom aims to become a global hub for metals and mining
- Investment is also a boost for Riyadh’s efforts to attract FDI
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Vedanta is set to invest $2 billion to build copper-processing facilities in Saudi Arabia, a significant boost for the kingdom’s ambitions to become a global metals and mining hub.
The firm, controlled by Indian billionaire Anil Agarwal, will build a new smelter and refinery with a capacity of 400,000 metric tons per year, according to a statement Tuesday. Vedanta also plans to set up a facility to produce as much as 300,000 tons per year of copper rods, a key raw material for electric cables.