Saudi Gold Refinery Obtains 10 Gold Exploration Licenses in Tanzania - ASHARQ AL-AWSAT English

AI desk brief

Saudi Gold Refinery secured 10 gold exploration licenses covering nearly 1,000 square kilometers in Tanzania and allocated an initial $10 million for exploration. The company plans to increase investment gradually to $100 million, targeting commercial production by 2030 through its international investment arm, UGM Tanzania. Separately, it plans to develop six to ten Saudi mines before 2030, averaging two annually. These are exploration and development plans rather than established production; any additional gold supply would depend on successful execution, and the article provides no output estimates establishing a material bullion-market effect.