Indian multinational mining company Vedanta Group has stated that it is exploring potential investment opportunities in the mineral sector of Saudi Arabia.
Vedanta said in a statement that “it is already in talks with partners in Saudi Arabia, which is aiming to become a mineral hub in the Middle East.” Saudi Arabia has tremendous potential in non-oil minerals and the Government wants to make the country a future hub for minerals, the company added.
“Vedanta plans to invest in the mineral sector in Saudi Arabia. The company is in discussions to identify investment opportunities in Saudi Arabia, which aims to transform itself into a mineral hub in the Middle East. The strong collaboration between India and Saudi Arabia is bringing to the fore big opportunities. We are in the process of identifying investment options in the mineral sector which we believe the country has in abundance. Mining and minerals will play a critical role in the transition to a cleaner and more sustainable world, and we at Vedanta are committed to play an important part in this journey.”
Vedanta Chairman Mr. Anil Agarwal was speaking at the ‘Future Minerals Forum 2022’ event held in Riyadh on “the huge potential Saudi Arabia has in minerals, including zinc, gold, and silver.”
Considering the strong demand for zinc and its expected shortage globally, Saudi Arabia is looking to collaborate with global companies to become a leading producer of the metal. Vedanta group company Hindustan Zinc is one of the world’s largest producers of zinc.
Saudi Arabia is planning to invest $100 billion in the country in areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals, and mining. It is also a key pillar of India’s energy security, being the source of 17 percent of crude oil and 32 percent of LPG requirements of India, as per the company.