Vedanta Shares: Vedanta to begin gold mining in Saudi Arabia's global metals hub! Keep an eye on the stock:

News Topical, Digital Desk : Indian mining giant Vedanta has begun expanding into Saudi Arabia. The company will begin copper and gold exploration in western Saudi Arabia within the next six to eight months. Vedanta has received official licenses for this purpose. Anil Agarwal's company has already committed to investing $2 billion in copper processing facilities. Mining is a major pillar of Saudi Arabia's Vision 2030, and Vedanta's move could boost the country's mineral industry.

Saudi Arabia is preparing to shift its economy away from oil dependence and into a new era of mining and metals. Indian company Vedanta has emerged as a key player in this major transformation.

Vedanta Limited is set to begin copper and gold exploration in the desert regions of western Saudi Arabia within the next six to eight months. The company received its official license on Tuesday. Furthermore, licenses have also been issued to global companies such as China's Zijin Mining Group and Australian mining giant Gina Rinehart's Hancock Prospecting.

Vedanta to replicate 'Indian model' in Saudi Arabia - Puneet Khurana, CEO of Vedanta's copper and nickel business, stated that the company has already established a robust metals value chain in India, from mining to processing. Now, it is preparing to replicate the same model in Saudi Arabia. According to him, the first mining contract will be awarded by mid-January, beginning with the Jabal Sayid belt.

A massive $2 billion investment... Copper processing plant - Vedanta has already committed to setting up copper processing facilities in Saudi Arabia, worth $2 billion (approximately ₹16,000 crore). This is believed to be the largest commitment made by a global miner to Vision 2030 so far.

According to the company, groundbreaking for the copper rod plant has already taken place. Production will begin in 2026. The copper smelter is scheduled to be operational by 2028. Initially, copper will be imported from countries like Chile and Peru, until raw material is available from Saudi Arabia's own mines.

Saudi Arabia's goal: Make mining the 'third pillar' - Saudi Arabia claims to have $2.5 trillion worth of untapped minerals...critical minerals like phosphate, copper, and bauxite. Under Vision 2030, the goal is to quadruple the mining sector's economic share. Major global companies are being attracted to establish mining hubs in Saudi Arabia. Giants like Canada's Barrick, China's Zijin, and now Vedanta are pushing this mission.

Funding discussions continue, demerger has no impact - Vedanta is holding internal discussions on raising funds for its Saudi projects, but no final decision has been made. Khurana clearly stated that Vedanta's demerger will not impact this... "Funding the budgets for these projects will not be a major challenge."

Collaboration with Saudi companies also confirmed - The company is discussing partnerships with Saudi entities such as Maaden and Manara Minerals, which are engaged in the mission of strengthening the country's mining industry and acquiring international assets.