Saudi Arabia discovered a historic 8 million ounces of gold reserves throughout 2025, boosting its strategic mineral wealth significantly. Suliman Al-Othaim, Chairman of Saudi Gold Refinery Co., revealed this milestone during Riyadh’s Future Minerals Forum.
Al-Othaim confirmed his company’s share reached 1.5 million ounces from these discoveries. Consequently, the refinery is upgrading facilities to process 36 tonnes of gold annually while issuing official Saudi hallmarks. The firm controls all production stages from aerial surveys to drilling operations. Furthermore, it aims to supply 50% of Saudi gold demand locally by 2030 with government backing.
Global Gold Surge Boosts National Gains
This discovery coincided with gold’s strongest year ever as prices surged 64% amid geopolitical tensions and record central bank buying. The metal averaged $3,400 to $3,500 per ounce in 2025 before peaking near $4,500 last December. Al-Othaim emphasized leveraging foreign expertise to transform Saudi mines into globally competitive assets. He added that aggressive expansion into new mining investments would drive future production growth.
The Kingdom’s mining sector now stands poised to capitalize on both domestic resource wealth and unprecedented global market conditions. These developments directly advance Vision 2030’s industrial diversification goals while strengthening Saudi Arabia’s position in critical mineral supply chains worldwide. Al-Othaim’s strategy clearly targets leadership in responsible gold production for decades ahead.
