Saudi gold production up by 158% in five years

A Saudi jeweller wearing a protective face mask displays a gold necklace to customers at a jewellery store during the holy month of Ramadan, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 5, 2020. Reuters/Ahmed Yosri

Saudi Arabia’s total gold production reached 12,353 kg by the end of 2019; an increase of 158 percent over the production levels recorded five years ago when it stood at 4789 kg. This is according to a recent government report.

The report showed that the Kingdom continued its record production of silver, reaching 5588 kilograms last year; maintaining a steady increase over the previous five years from 4800 kg in 2014.

The total mineral ores, excluding gold, silver, copper and zinc, amounted to more than 537 million tons during the period, and these included limestone; silica sand; salt; clay; feldspar; marble for industrial purposes; iron sand; kaolin; gypsum; marble blocks; granite; phosphates; and bauxite; crusher materials; as well as ordinary sand.

The Ministry of Industry and Mineral Resources also started partial implementation of the new Mining Investment Law; from the beginning of October through uploading records to an electronic mining platform.

This also allows investors to identify mining complexes and mining reserve areas in a way that enhances transparency and investment opportunities, within a set of steps to gradually activate the law.

The new law will also come into force fully in January 2021. Currently, the registration of applications, licenses and the mining areas have been also made available through the mining platform.