Saudi gold output hits 430,000 ounces in 2022, likely to rise 30% this year: Official

Logo of Ministry of Industry and Mineral Resources

Saudi Arabia’s gold production amounted to about 430,000 ounces in 2022, and is expected to rise by 30% in 2023, said Saleh Al-Aqili, Undersecretary for Mining Services at the Ministry of Industry and Mineral Resources.

Last year, the Kingdom’s production reached about 50 million tons of bauxite ore, and about 150,000 tons of copper and zinc ore, Al-Aqili added in an interview with Al-Arabiya TV.

Al-Agili also pointed out that the Kingdom is considered the world's largest producer of phosphate, with a market share of 20%. Saudi Arabia manufactured about 10 million tons of phosphate rock last year, which is manufactured inside the Kingdom to produce about five million tons of phosphate fertilizers.

Moreover, government revenues from the mining sector rose to SAR 1.35 billion in 2022, backed by a pick-up in commodity prices, which fueled the uptick in prices of raw materials, especially base metals such as copper and zinc. This is in addition to the rise in the prices of some industrial raw materials such as bauxite and phosphate, as well as the increase in production volume. The exploited quantities surged for some ores in all categories, the official stated.

He added that there was also an increase in the volume of investments, as the issuance of mining licenses rose significantly. This is in addition to the SAR 300 million revenues from mining tenders launched in 2022.