SGR gold production hits one ton in 2024: Chairman

Sulaiman bin Saleh Al-Othaim Chairman of Saudi Gold Refinery Co.’s (SGR)

Saudi Gold Refinery Co.’s (SGR) gold production reached one ton in 2024, said Chairman Sulaiman bin Saleh Al-Othaim.
 

The Kingdom’s total gold output amounted to about 12 tons last year, which was produced by Maaden in addition to other companies in the production phase, he added, in an interview with Argaam, on the sidelines of the Future Minerals Forum.
 

Al-Othaim also said that gold consumption in the Kingdom is estimated at about 150 tons, while production covers about 10% of the local market needs.
 

The company has 17 mining licenses and 17 exploration licenses. It is working on preparing economic feasibility studies, expecting that it will have a number of operating mines before 2030, and its production will increase 10 times to 10 tons.
 

Further, Al-Othaim stated that such growth is driven by support from the Ministry of Industry and Mineral Resources, represented by the award of licenses and facilities, with amounts ranging from $2-7.5 million allocated for each license site.
 

He explained that the purchasing power of gold always remains high as long as there is demand from women who buy jewelry as adornment, whether in the Kingdom or in other countries.
 

According to Al-Othaim, India is the world’s largest consumer of gold due to its population of 1.2 billion people, as gold is considered a major commodity there, while Saudi Arabia ranks fifth globally in gold and jewelry consumption.
 

He pointed out that gold bullion is an investment option, while gold jewelry is used as ornaments, especially among women, in addition to being popular gifts on social occasions.