Saudi Arabia plans to increase its production of gold to 500,000 ounces by 2020 from the current 130,000 ounces, according to the CEO of the country’s main mining company.
Maaden (the Saudi Arabian Mining Company) will increase its production of gold to more than 300,000 ounces with the operation of Al-Duihi Mine, which will add 180,000 ounces to production next year, says Khaled Bin Saleh Al-Mudaifer, the company’s CEO.
By 2020, Al-Mudaifer notes that the company will be running six major gold mines across the country, according to a report by Al Eqtisadiah.
He adds that the kingdom’s production of gold will jump by 150 per cent by end of the first quarter of next year and by 400 per cent over the course of the next five years.
The official assures that strong demand at home will consume the anticipated major increase in supply, adding that all of the company’s current production goes to the local market.
The CEO points out that a large proportion of gold ore is being refined locally, while the rest is sent abroad for refining.
He says that Maaden’s largest investments focus on exploration as the company explores mines for a period of ten years and invests $1 billion annually in this process.