As Saudi Arabia continues to take centre stage in the global mining industry, Saudi Refining Company (SGR) has ambitious development plans. Under the leadership of the company's chairman, Suliman al-Othaim, SGR is aiming to become the second largest mining company in Saudi Arabia and plans to transform into a publicly traded company by 2030.
In an interview with Arab News, Al-Othaim revealed that SGR now owns three international mines in Morocco, Uzbekistan and Kurdistan and is actively expanding its multinational operations. As a key player in the Saudi mining industry, the company not only plans to significantly increase production in the coming years, but also wants to become one of the country's major domestic employers.
To achieve this, SGR is working on a series of advanced research projects to ramp up gold ore production to 100t by 2027. This figure is ambitious compared to its current level of around 2 tonnes per year. Al-Othaim stressed that this growth plan will not be limited to Saudi Arabia and will also cover the operation of its international mines.
Al-Othaim appreciates the support provided to the private sector by the new Saudi mining law. He singled out the efforts of the Ministry of Industry and Mineral Resources and the Ministry of Finance in strengthening local companies, and praised Minister Bandar Alkhorayef and Deputy Minister Khalid Al-Mudaifer for their unwavering support for local companies.
In addition, Minister of Investment Khalid al-Falih's vision for a wide range of partnerships across multiple business sectors, including minerals, was welcomed by Al-Othaim. He believes that this will help Saudi companies build closer cooperation with other international companies on a global scale.
When it comes to the future of the market, Al-Othaim is optimistic. He firmly believes that with the continuous development of the global economy and the volatility of financial markets, the status of ** as a safe-haven asset will be further strengthened, thus driving its ** continuation**.
SGR's ambitious plans not only reflect Saudi Arabia's ambitions in the mining sector, but also highlight the potential for rapid growth by the country's private sector with the support of **. If SGR succeeds in achieving its goals, it will become a significant force in the Saudi and global mining industry.
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