Vedanta has announced a US$2Bn investment in key copper projects in Saudi Arabia, marking a significant development for the global copper market.

Through its wholly-owned subsidiary, Vedanta Copper International, the company has signed an agreement with Saudi Arabia's Ministry of Investment and Ministry of Industries & Mineral Resources to establish a greenfield copper smelter, refinery, and copper rod project. The smelter and refinery will have a combined capacity of 400ktpy, while the rod project will reach 300ktpy. 

This collaboration aligns with Saudi Arabia's Vision 2030, which aims to unlock US$1.3Tn in mineral resources and substantially increase the contribution of the mineral sector to the country’s GDP. The projects will address Saudi Arabia’s rising copper demand, which is expected to double by 2035, and is currently met largely through imports.  Vedanta’s initial focus will be a 125ktpy copper rod mill project in Dammam, with an initial investment of US$30M. All necessary approvals have been secured, land acquired, and technology orders placed. Commercial production is expected to begin in Q4 FY26. The copper smelter, refinery, and rod projects will be located in Ras Al Khair Industrial City. 

These projects have significant implications for the copper market. By meeting rising demand in one of the fastest-growing regions, they will reduce Saudi Arabia’s dependence on imports, advancing the Kingdom’s goal of achieving self-sufficiency in copper production. The initiatives are expected to create thousands of jobs, stimulate downstream industries, and contribute US$19Bn to the country’s GDP. This investment strengthens Saudi Arabia’s position in the copper supply chain and adds valuable downstream capacity to global supply networks. It also reflects the industry’s growing focus on regional integration and sustainability, with advanced facilities designed to meet future copper needs efficiently and support long-term sector growth.