Page 136 - CW E-Magazine (10-12-2024)

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For a consistent supply of High Purity Grade

OVERSEAS PROJECT

Vedanta Group plans $2-bn investment in Saudi Arabia

to boost copper output

Vedanta Copper International, City in Saudi Arabia. Copper is widely Together, these projects are expec-
a 100% subsidiary of Vedanta Ltd., considered to be one of the critical mine- ted to help create thousands of new jobs,
has signed a Memorandum of Under- rals in the global energy transition. facilitate the development of hundreds
standing (MoU) with the Ministry of of downstream industries, and will
Investment and Ministry of Industries & Vedanta’s initiatives support Saudi contribute about $19-bn to the national
Mineral Resources of the Kingdom of Arabia’s ambitious ‘Vision 2030’, GDP. Over time, they will also help the
Saudi Arabia. which endeavours to unlock an esti- Kingdom in achieving self-suffi ciency
mated $1.3-trillion in mineral resources in its copper supply chain. Vedanta
The collaboration aims to invest $2-bn and elevate the minerals sector’s GDP plans to commence operations in the
in signifi cant copper projects, encom- contribution from $17-bn to $64-bn Kingdom with a 125-ktpa copper rod
passing a 400-ktpa greenfi eld copper by 2030. Currently, Saudi’s copper mill project, which requires an invest-
smelter and refi nery and a 300-ktpa demand is around 365-ktpa, primarily ment of around $30-mn. Commercial
copper rod project, which are set to be met by imports, and is anticipated to production is expected to start in full
established in Ras Al Khair Industrial more than double by 2035. swing by Q4 FY26.

Govt. completes auction of 24 critical & strategic

mineral blocks in four rounds

The government has said that 24 been auctioned in the fourth round. Ltd. won the bid for Ponchi graphite
critical and strategic mineral blocks According to the statement, the mines block in Jharkhand, while Assam Mine-
have been sold in four rounds of auc- ministry recently completed the e-auc- ral Development Corp. Ltd. emerged as
tion. “Out of 48 blocks put to e-auction, tion of two additional mineral blocks the preferred bidder for Vadakhol-Asoli
24 have been successfully auctioned, under tranche IV. “This is in addition and associated mineral block in Maha-
including four mining lease (ML) and to the announcement on November 7, rashtra.
20 composite license (CL) blocks,” the 2024, regarding the preferred bidders
mines ministry said in a statement. for eight mineral blocks under tranche Critical minerals, such as cobalt,
IV of e-auction by central government, copper, lithium, nickel and rare earths,
The government has so far completed bringing the total number of successful play crucial roles in the production of
four tranches of e-auction, it said, blocks in tranche IV to ten,” it said. In clean energy technologies, ranging
adding that a total of 10 blocks have the latest auction, Satguru Mining Pvt. from wind turbines to electric vehicles.

Reliance arm to acquire 21% stake in US-based
Wavetech Helium

Reliance Industries Ltd. (RIL) has and development of properties to produce growth in artifi cial intelligence (AI) and
announced that its US-based subsidiary, helium gas from underground reservoirs. related data centres, the overall helium
Reliance Finance and Investments USA It was incorporated in the US on July 2, demand for semiconductor manufactur-
LLC, has acquired a 21% stake in the US 2021, and started commercial operations ing is expected to increase. “The acqui-
helium gas exploration and production in 2024. sition is part of RIL’s strategy to expand STAR EXPORT HOUSE
company, Wavetech Helium Inc, for $12-mn. its exploration and production business GOVERNMENT RECOGNISED
The deal was formalised through a stock Helium is used in medical appli- in low-carbon solutions. No govern-
purchase agreement. WHI is a US helium cations, scientifi c research, aerospace mental or regulatory approvals were
gas exploration and production company and aeronautics, electronics, and fi bre required for the above transaction,”it
engaged in the acquisition, exploration, optics. According to RIL, given the said in its statement.

136 Chemical Weekly December 10, 2024

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