Saudi Gold Refinery eyes more licenses, mulls public offering

Sulaiman Al-Othaim, Chairman of Saudi Gold Refinery Co., said the company is seeking to obtain as many licenses as possible and extract minerals accordingly.

He told Asharq that the company has several partnerships with investors and transforms various minerals into finished consumer products.

The company holds 40 mining licenses in Saudi Arabia, Al-Othaim noted.

He added that the company refines 66 tons of gold annually from its mines within the Kingdom and imports gold from international markets for refining, manufacturing, and marketing within the Kingdom.

Saudi Gold Refinery owns jewelry showrooms, a jewelry factory, a gold refinery, and natural mines, and possesses all mining services, including aerial photography and laboratories.

Al-Othaim said the company completed exploration for approximately two million ounces of gold last year, out of a total of six million ounces in Saudi Arabia.

He pointed out that the gold and jewelry market is experiencing growth due to continuous and strong demand, and that the jewelry market is considered stable.

Saudi Gold Refinery plans to open two mines each year and intends to offer 30% of its shares between 2028 and 2030.

The company's reserves before the IPO would be between 5 million and 10 million ounces of gold, the Chairman noted.