Saudi Arabia expects its gold production to more than double to around one million ounces in 2030 as it is stepping up mineral exploration activities following the enforcement of a new mining investment law, the Kingdom’s Industry and Mineral Resources Minister was reported on Friday as saying. Bandar Al-Khorayef said the world’s largest oil exporter has launched a geological survey programme worth nearly 1.7 billion Saudi riyals ($453 million) for the exploration of minerals, adding that spending in 2023 alone stood at SAR370 million ($100 million).In comments at a Riyadh industry seminar published by Al-Madina and other Saudi newspapers, the Minister said the Kingdom’s mining drive is paying off, with the sector’s revenues surging by 35 percent to an estimated SAR1.8 billion ($480 million) in 2023 (Writing by Nadim Kawach; Editing by Anoop Menon)(anoop.menon@lseg.com)Subscribe to our Projects’ PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa
Saudi targets one million ounces of gold production by 2030
![Photo used for illustrative purpose only. Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. Source: Zawya.com](https://mineralsmeridian.com/wp-content/uploads/2023/12/Photo-used-for-illustrative-purpose-only.-Gold-bullion-bars-are-pictured-after-being-inspected-and-polished-at-the-ABC-Refinery-in-Sydney-on-August-5-2020.-.webp)