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.

“There was considerable growth in the mining sector in general…as for gold, which is one of the most important metals in the Kingdom, production is expected to peak at 370,000-500,000 ounces this year and our target is to boost that level to one million ounces in 2030,” he said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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