Saudi Arabia signs $9 bn metals deals with firms including Vedanta, Zijin

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Saudi Arabia signs $9 bn metals deals with firms including Vedanta, Zijin - Business Standard

Quick Summary:

The kingdom's growing mining industry is part of the Vision 2030 plan to diversify the economy and cut reliance on fossil fuels.

The government hopes to attract $100 billion a year in foreign investment under the plan by 2030, achieving just over a quarter of that last year.

Zijin will invest 5 billion to 6 billion riyals, with a first phase focused on building a zinc smelter with capacity for 100,000 tpa of zinc ingots and 200,000 tpa of sulphuric acid.