Saudi Arabia announced on Tuesday the signing of nine investment deals in the metals and mining sector, collectively worth over 35 billion riyals ($9.32 billion). The agreements, involving global companies such as India’s Vedanta and China’s Zijin Group, were unveiled at the World Investment Conference in Riyadh, under the framework of the Global Supply Chain Resilience Initiative, a government programme aimed at diversifying the economy and boosting foreign investment as part of the kingdom’s Vision 2030.
As part of its Vision 2030 plan, Saudi Arabia is looking to reduce its reliance on fossil fuels and expand its mining sector. The government aims to attract $100 billion annually in foreign investment by 2030, with a goal of achieving over a quarter of that target in 2023.
Vedanta, a prominent oil-to-metals conglomerate, will invest 7.5 billion riyals to develop copper facilities at Ras Al-Khair, including a smelter, refinery, and a copper rod plant with a combined annual capacity of 700,000 metric tons. The project is expected to contribute 70 billion riyals to the economy and ensure Saudi Arabia’s self-sufficiency in copper production.
Chris Griffith, CEO of Vedanta’s base metals division, highlighted Saudi Arabia’s attractive incentives, such as land, water, power services, and potentially lower capital costs, as key factors driving the company’s interest in the region. The company is also considering partnerships with local firms to help advance the projects.
Zijin Group will invest 5-6 billion riyals in a multi-phase project that includes a zinc smelter, a lithium carbonate extraction facility, and a copper refinery. The lithium facility will produce 60,000 tons per annum of battery-grade lithium carbonate, contributing to Saudi Arabia’s efforts to establish itself as a key player in the global energy transition.
Additionally, Australia’s Hastings Technology Metals plans to invest between 5.6 and 7.2 billion riyals to build rare earth element processing facilities in Saudi Arabia, while Vancouver-based Platinum Group Metals is exploring a 1.9 billion riyal project with local partner Ajlan & Bros Mining to establish a platinum group metals smelter and base metals refinery.
These investments signal Saudi Arabia’s growing role in the global mining sector and are a critical step toward achieving the diversification goals set under Vision 2030.
