Vedanta to invest $2 billion in Saudi copper projects

Vedanta is set to invest $2 billion to build copper-processing facilities in Saudi Arabia, a significant boost for the kingdom's ambitions to become a global metals and mining hub.

The firm, controlled by billionaire Anil Agarwal, will build a new smelter and refinery with a capacity of 400,000 metric tons per year, according to a statement on Tuesday. Vedanta also plans to set up a facility to produce as much as 300,000 tons per year of copper rods, a key raw material for electric cables.