Vedanta Limited has planned to invest two billion dollars i.e. about 17 thousand dollars in important copper projects in Saudi Arabia. Vedanta Copper International, a wholly owned unit of Vedanta Limited, has signed an agreement with the Ministry of Investment and Ministry of Industry and Mineral Resources of Saudi Arabia. This agreement is for setting up a new copper smelter and refinery plant with a capacity of 400 kilo tonnes per annum (KTPA) and a copper rod project with a capacity of 300 KTPA.
Saudi Arabia’s vision
Vedanta said in the statement that the objective of this alliance is to invest two billion US dollars in important copper projects in line with Vision 2030. The company said in a statement that the initiative supports Saudi Arabia’s ambitious Vision 2030, which aims to realize the potential of an estimated US$1,300 billion in mineral resources by 2030 and increase the mineral sector’s contribution to GDP from US$17 billion. 64 billion dollars have to be done.
Mill projects get green signal
All necessary approvals to set up the project have been received, land has been acquired, technology contracts have been awarded and work at the project site is likely to begin soon. Commercial production from this project is likely to start by the fourth quarter of the financial year 2025-26. Saudi Arabia’s demand for copper is currently about 365 kilo tonnes per year, which may more than double by 2035.
Vedanta shares rise
There was a rise in Vedanta shares on Tuesday. According to the data, shares of Vedanta Limited closed at Rs 448.55 with a rise of one percent. Whereas during the trading session an increase of 2 percent was seen in the company’s shares. However, the company’s shares had opened a day ago at Rs 445.05. Whereas on Monday the company’s shares closed at Rs 444.15. At present the market cap of the company is seen at Rs 1,75,400.46 crore.