Saudi Gold Refinery secures nine gold exploration licenses in Tanzania

Saudi Gold Refinery Company has announced it has secured nine licenses to explore gold in the Republic of Tanzania, covering a total area of nearly 1,000 square kilometers. The move marks a significant milestone in the company's strategy to expand into international markets and strengthen its presence in the global mining sector.

This achievement follows a visit to Tanzania by Faisal bin Suleiman bin Saleh Al-Othaim, Vice Chairman of Saudi Gold Refinery Company, as part of a series of visits and investment efforts that led to obtaining the exploration licenses.

The company has allocated an initial investment of $10 million to carry out exploration activities, within an ambitious plan to gradually increase total investments to $100 million. The goal is to develop projects, establish and operate gold mines, and commence production by 2030.

This accomplishment was supported by the Saudi Ministry of Investment and the Embassy of Saudi Arabia in Tanzania, as part of efforts to boost Saudi overseas investments and open new opportunities for national companies to contribute to the development of the international mining sector.

Saudi Gold Refinery Company continues to implement its international expansion strategy through its global executive arm. UGM Tanzania Co. manages the company's operations in Tanzania, while United Global Mining Co. oversees activities in Ethiopia. The company is also continuing its projects in Egypt and Oman and is seeking to enter new markets, further strengthening its international presence and supporting the development of sustainable investments in mining.

Domestically, the company is advancing its expansion plans within Saudi Arabia, aiming to launch between six and ten mines before 2030, at a rate of two mines per year. This is supported by the Ministry of Industry and Mineral Resources, the Saudi Industrial Development Fund, banks, and other relevant entities.

These initiatives reflect Saudi Gold Refinery Company's ambition to enhance the standing of Saudi firms in the mining sector regionally and internationally, contribute to economic development goals and investment diversification, and support the creation of a more competitive and sustainable mining industry.