Vedanta Ltd is planning to boost investments in Saudi Arabia as the mining conglomerate bets on the kingdom’s ambitions to become a metals and mining hub as part of its massive economic transformation.

The company intends to start digging for copper and gold in western Saudi Arabia in six to eight months, in what would be its first official mission to explore for minerals in the desert nation. It formally received a license on Tuesday, alongside other global firms including China’s Zijin Mining Group and Australian metals magnate Gina Rinehart’s Hancock Prospecting.

Vedanta is targeting more licenses in an effort to create a Saudi supply chain from mining to processing, a senior executive said in an interview. The kingdom, which has touted about $100 billion in investment opportunities

See Full Page