Creating new perspectives since 2009

Report: Saudi gold production reaches record levels

October 5, 2020 at 9:48 am

Saudis shop at a jewellery shop in the Taiba gold market in the capital Riyadh on 29 June 2020 [FAYEZ NURELDINE/AFP via Getty Images]

Saudi Arabia’s total production of gold increased 158 per cent to 12,353 kilogrammes in 2019 compared to the 4,789 kilogrammes recorded in 2014, a new report revealed.

According to the publication, the kingdom has also increased its total production of silver, reaching 5,588 kilogrammes in 2019 compared to 4,800 kilogrammes in 2014.

The kingdom’s total mineral ores, excluding gold, silver, copper and zinc, amounted to more than 537 million tonnes during the period, including “limestone, silica sand, salt, clay, feldspar, marble for industrial purposes, iron sand, kaolin, gypsum, marble blocks, granite, phosphates, and bauxite, crusher materials and ordinary sand”.

Last month, the Saudi Ministry of Industry and Mineral Resources activated the new mining investment system, by uploading records to an electronic mining platform, allowing investors to identify mining complexes and reserve areas, in order to enhance transparency and investment opportunities.

The mining investment system should be fully operational by January.

READ: Difficult days await Saudi citizens