By Innovation-sa on April 9, 2019 in News
Saudi Arabian Mining Company Ma’aden plans to boost its gold output from 415,000 ounces this year to one million by 2025, announced Chief Executive Officer Darren Davis in an interview. This would transform Saudi Arabia from a marginal gold producer to one of the world’s top-20 suppliers in a few years.
As part of a $426 billion infrastructure spending plan that seeks to exploit $1.3 trillion in resources, Saudi Arabia hopes to spend at least $7.4 billion for exploring metals and minerals by 2035. A rise in global demand for gold with increasing US-China trade tensions and fear of a recession has struck a positive chord for the state-backed mining company, which is exploring new ways to deal with the declining prices of some commodities, including aluminium.
David added that Ma’aden will lift its exploration budget to SR250 million this year, about triple its average annual spending over the past decade and focus on gold, copper and zinc.
Saudi Gazette – April 05 2019