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Saudi gold production jumps 143% since 2030 Vision

Saudi Arabia has increased its gold production by 143% since the Kingdom’s 2030 Vision that announced in 2016, equivalent to 7.3 thousand kilograms, to 12.35 thousand kilograms in 2019, compared to about 5.09 thousand kilograms in 2015, before the launch of “The Vision”.

This comes in light of the “vision” focusing on developing the mining sector and increasing its contribution to the economy, which Crown Prince Mohammed bin Salman considered untapped oil”.

According to the data of the Ministry of Energy, Industry and Mineral Resources, Saudi Arabia’s gold production rose 5% last year, equivalent to about 588 kilograms, as production was 11.77 thousand kilograms in 2018, according to Al-Iqtisadiah newspaper.

Saudi gold production increased by 176%, equivalent to 7.88 thousand kilograms in 10 years, as production was estimated at about 4.86 thousand kilograms in 2009.

The data shows a boom in mineral production in Saudi Arabia, in conjunction with the goal of “Vision 2030” to develop the sector significantly.

Prince Muhammad bin Salman, the crown prince, said in a previous television interview, that the value of minerals in the kingdom is $ 1.3 trillion (4.9 trillion riyals), of which $ 240 billion (900 billion riyals) is the value of gold only.

Prince Mohammed bin Salman stressed that it is difficult for the foreign or local investor to take risks in a new sector such as the mining sector, adding, “Therefore, we have found that leadership must come from the Public Investment Fund.”

Prince Muhammad bin Salman confirmed in an interview with Al-Arabiya that the mineral sector in Saudi Arabia is “untapped oil.”

During the interview, he expressed his dissatisfaction with the performance of this sector, despite the tremendous riches that the kingdom is storing in mineral savings and huge reserves of uranium, which represents 6% of the world’s total reserves.

He added: “This wealth is untapped oil, in addition to the wealth of gold, silver, copper, and other minerals, of which only 3 or 5% was exploited, and it was used incorrectly at a time when the mineral sector was supposed to represent the third pillar of the Saudi industry.”

That is in addition to oil, gas and petrochemicals, to contribute to achieve its goals in a great way with the Kingdom’s development strategy, which is to diversify income sources, provide job opportunities, and comprehensive development. “