Saudi Arabia to Raise Gold Revenues by 15 Billion Riyal Annually

Saudi Arabia aims to raise gold revenues to reach 15 billion riyals, as gold constitutes 18% of the Kingdom’s mineral wealth.

The Kingdom’s gold revenues range between 3 to 4 billion riyals, with a production volume of about 400 thousand ounces of gold.

In a statement to Saudi Press Agency (SPA), Khalid Al-Mudaifer, Vice Minister for Ministry of Industry and Mineral Resources, stated that the gold mining sector in the Kingdom has six mines, including Mahd Al Dahab, Bulghah & Sukhaybarat, Ad Duwayhi, As Suq, and Al Amar.

Al-Mudaifer noted that the Kingdom is working to establish 6 other mines, including the Mansoura and Marsa mines, with investments exceeding four billion riyals.

He also affirmed that the mine would achieve the goals of the mining strategy, which aims to raise gold revenues to reach 15 billion riyals.

In the same vein, he pointed out that the Kingdom’s mineral wealth is estimated at 5 trillion riyals, adding that the Kingdom is aiming to persify this wealth among phosphates, gold, copper, zinc, and rare earth minerals such as tantalum, niobium and aluminum.

Furthermore, he stated that the mining sector in 2021 reached 83 billion riyals, and by 2030, the Kingdom is expected to reach 240 billion riyals by maximizing the value realized from the sector and benefiting from it.

Contributed by Omnia Ahmed