Gold refineries to be established in Saudi Arabia soon: Official

07/06/2022 Argaam
Karim Al Enezi, Head of the Precious Metals Gemtones National Committee at the Saudi Council of Chambers

Karim Al Enezi, Head of the Precious Metals & Gemtones National Committee at the Saudi Council of Chambers

The gold extracted from Saudi mines is refined in Switzerland, which implies a very high cost for the mines, amounting to nearly 35% of their profits, CNBC Arabia TV reported, citing Karim Al Enezi, Head of the Precious Metals & Gemtones National Committee at the Saudi Council of Chambers.  

 

He added that the Kingdom does not have any gold refineries currently, noting that the cost of establishing refineries is very high.

 

The committee has recently communicated with the Ministry of Industry and Mineral Resources to issue a decision on refining gold in the Kingdom, Al Enezi said.

 

He added that the Kingdom has the capacity and readiness for this, expecting gold to be refined in the Kingdom soon.

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