Saudi Arabia Blessed with Gold Reserves at 323.7 tons

The Kingdom of Saudi Arabia is blessed with a large unexploited gold reserves estimated at 323.7 tons, among abundant and diverse reserves of other various mining potentials, amounting to about $1.3 trillion.

Gold is one of the most important precious metals at the global level; due to the association of the international monetary unit with it, as well as global trade, it is also used in the manufacture of jewelry, and in the minting of money, as a cover for paper currencies.

In addition to its use in the electronic and electrical industries, medical devices, and communication and transportation devices, such as aircraft engines and spacecrafts.

The production of gold metal has achieved successive leaps, since the launch of the Kingdom’s Vision 2030 and its focus on developing the mining sector, and it is expected that the gold production sector in the Kingdom will grow in the coming years, especially after functioning several mineral reserves.

There are great possibilities for the presence of gold in these sites, as one of the ministry’s recent decisions was to allocate 12 sites for mining reserves for gold ore, and these sites are currently witnessing investment work by a number of local and international companies.

Number of factories producing gold and silver alloys in the Kingdom is about 6 factories, with an investment volume exceeding SR7 billion, while the Ministry of Industry and Mineral Resources issued about 477 gold ore detection licenses, and the number of licenses issued to the gold sector is about 15, some are already in production, while others are under development.

The concentration of the mineral in the ore, and the volume of deposits are very promising.