In a major announcement that could reshape the global gold market, Saudi Arabia has revealed the discovery of massive new gold deposits in 2025. The chairman of the Saudi Gold Refinery Company, Suliman Al Othaim, confirmed the discovery of approximately 8 million ounces (about 226,000+ kilograms) of new gold reserves.
This landmark find was announced during the Future Minerals Forum in Riyadh. Of this enormous discovery, about 1.5 million ounces have been allocated to the Saudi Gold Refinery Company itself, marking a significant boost to the kingdom's domestic mining industry.
This discovery is a key part of Saudi Arabia's ambitious Vision 2030 plan to diversify its economy beyond oil. The country is aggressively investing in its mining sector to become a global player in mineral resources.
Al Othaim outlined the company's advanced capabilities, which include aerial and land imaging, trenching, and drilling. To process this local gold, the company is continuously modernizing its refineries, which currently have the capacity to refine 36 tons of gold per year. The gold is then marketed locally under the company's own hallmark, ensuring quality and origin.
The announcement comes after a historic year for gold prices. Al Othaim noted that 2025 saw an unprecedented price surge of over 64%. The average price for the year ranged between $3,400 and $3,500 per ounce, starting around $2,710 and peaking near a record $4,500 per ounce in December.
This dramatic increase was driven by global geopolitical tensions and massive demand from central banks and investment funds seeking a safe haven asset amid economic uncertainty.
Looking ahead, the Saudi Gold Refinery Company has set a clear goal to produce 50% of the country's total gold output by 2030. To achieve this, the company is leveraging foreign expertise and plans to soon implement a new strategic plan aimed at increasing production and attracting fresh investments into the mining sector.
Their ultimate ambition is to transform their mines and refineries into top tier establishments within the global mining industry.
This massive gold discovery positions Saudi Arabia not just as an oil giant, but as a rising power in the precious metals market, with the potential to influence global supply and prices for years to come.
Source: www.jagonews24.com/international/news/1085188
This landmark find was announced during the Future Minerals Forum in Riyadh. Of this enormous discovery, about 1.5 million ounces have been allocated to the Saudi Gold Refinery Company itself, marking a significant boost to the kingdom's domestic mining industry.
What This Discovery Means for Saudi Arabia
This discovery is a key part of Saudi Arabia's ambitious Vision 2030 plan to diversify its economy beyond oil. The country is aggressively investing in its mining sector to become a global player in mineral resources.
Al Othaim outlined the company's advanced capabilities, which include aerial and land imaging, trenching, and drilling. To process this local gold, the company is continuously modernizing its refineries, which currently have the capacity to refine 36 tons of gold per year. The gold is then marketed locally under the company's own hallmark, ensuring quality and origin.
The 2025 Gold Price Surge and Global Context
The announcement comes after a historic year for gold prices. Al Othaim noted that 2025 saw an unprecedented price surge of over 64%. The average price for the year ranged between $3,400 and $3,500 per ounce, starting around $2,710 and peaking near a record $4,500 per ounce in December.
This dramatic increase was driven by global geopolitical tensions and massive demand from central banks and investment funds seeking a safe haven asset amid economic uncertainty.
Future Plans and Global Ambitions
Looking ahead, the Saudi Gold Refinery Company has set a clear goal to produce 50% of the country's total gold output by 2030. To achieve this, the company is leveraging foreign expertise and plans to soon implement a new strategic plan aimed at increasing production and attracting fresh investments into the mining sector.
Their ultimate ambition is to transform their mines and refineries into top tier establishments within the global mining industry.
This massive gold discovery positions Saudi Arabia not just as an oil giant, but as a rising power in the precious metals market, with the potential to influence global supply and prices for years to come.
Source: www.jagonews24.com/international/news/1085188
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