Maaden seeks to double gold output by 2020

Saudi Arabia Mining Co. (Maaden) is seeking to boost gold output to 500,000 ounces by 2020 from 200,000 ounces this year as the kingdom seeks to diversify its economy, Bloomberg reported, citing CEO Khaled Al Mudaifer.

The mining company also plans to boost its aluminum production through a joint venture with Alcoa Corporation to 1 million metric tons from 760,000 tons this year, through the use of recycled metal parts, he said.

Under the Vision 2030 program, the Saudi government aims to contribute SAR 97 billion to the economy by 2020 and create 90,000 jobs as a result.