SUPPORTED BY
FROM JEWELS TO GENERATIONS: SAUDI GOLD REFINERY’S BOLD RISE IN THE KINGDOM’S MINING REVOLUTION
In a country undergoing one of the most ambitious economic transformations in modern history, Saudi Gold Refinery stands as a case study in vision, resilience, and execution. At its helm is Executive Chairman Sulaiman Al-Othaim, a man whose career reflects both the legacy of Saudi entrepreneurship and the promise of its industrial future.
Al-Othaim began his journey in business at the age of sixteen, working in jewellery sales before going on to become a certified gemologist. What started as a passion for fine craftsmanship would evolve into one of the Kingdom’s most expansive vertically integrated gold enterprises. “From retail to refining to mining—it all had to be under one roof,” he explains. “That was the only way to maintain full control and ensure sustainable growth.”
The story of Saudi Gold Refinery is tightly intertwined with the broader opening of Saudi Arabia’s mining sector. In the early 1990s, when Al-Othaim first expressed interest in entering gold mining, only government entities were permitted to operate in the space. Private sector access
was tightly restricted. Undeterred, he took his ambitions abroad, investing in gold mines across Africa—particularly in Ghana. Though he admits he returned from Africa “with an empty bucket,” the experience offered him a deep well of insight that would serve him well when the moment finally arrived.
That moment came in 2006, when Saudi Arabia joined the World Trade Organization and began liberalising its mining regulations. Al-Othaim, prepared and patient, was among the first to act. He built a highly skilled exploration team, drawing on both domestic and international expertise, including noted South African geologists. With support from historical geological surveys conducted by the Saudi government between the 1950s and 1970s, his team identified over 100 promising sites. These were not speculative claims—they were backed by data, fieldwork, and science.
Today, Saudi Gold Refinery holds 25 approved mining and exploration licences and has submitted more than 400 applications to the Ministry of Industry and Mineral Resources. Fourteen sites are
SAUDI GOLD REFINERY
Executive Chairman, Sulaiman Al-Othaim
actively being explored, and Al-Othaim believes that within six years, the company can complete exploration on 200 sites. The company operates independently at nearly every level—deploying its own drones for aerial surveys, conducting geophysical ground studies, trenching, drilling, and even processing its own samples in a fully equipped, internationally certified lab. This self-reliance isn’t just a cost-saving measure; it’s a philosophy.
“We work differently,” says Al-Othaim. “Others outsource—sign contracts and wait. We execute everything in-house. Our partners benefit because they don’t need to invest in parallel infrastructure. They just give the order, and we get it done.”
This operational model has allowed Saudi Gold Refinery to move faster and more efficiently than most of its competitors. Its 700,000-metre annual drilling capacity
and in-house sample processing (1,000 samples per day) make it one of the most productive exploration entities in the region. The company’s cost structure, Al-Othaim claims, is among the lowest globally, a result of streamlined processes and full vertical integration.
And it doesn’t stop at exploration. Saudi Gold Refinery also maintains a robust manufacturing arm and a scaled-down retail presence, having pivoted in recent years from 30 jewellery showrooms to just three. The shift was strategic. Rather than dilute resources across too many branches, Al-Othaim opted to focus on converting exploration licences into operational mines. “We used to produce and sell six tonnes of jewellery annually,” he says. “Now, the priority is creating mines, not showrooms.”
This shift in focus is also aligned with the national agenda. Under Vision 2030,
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Saudi Arabia is aggressively diversifying its economy away from oil, and mining has become a cornerstone of that strategy.
Al-Othaim’s company has taken the lead in helping realise that vision. Today, over 60 geologists work under the Saudi Gold Refinery banner, 34 of whom are Saudi nationals. Many are recent graduates being trained to lead the sector’s future.
“We’re not just building a company,” Al-Othaim insists. “We’re building an ecosystem. We’re training Saudi talent to lead this industry for decades to come.”
As part of this effort, the company plans to open a specialised training centre in 2025 to provide instruction in jewellery manufacturing, geological surveying, and mine management. “The long-term success of Saudi mining depends on our ability to empower our own people,” he adds. “And we’re fully committed to that.”
Environmental, Social and Governance (ESG) performance is another cornerstone of the company’s growth model. Saudi Gold Refinery works closely with an international ESG consultancy to ensure
its operations meet global standards. Audits are conducted quarterly, and the company has taken steps to replace environmentally hazardous chemicals like cyanide with safer alternatives sourced from China.
The company’s broader social responsibility strategy includes employment schemes, educational funding, and local infrastructure projects in mining areas. A formal proposal is currently under review by the Ministry of Petroleum, and Al-Othaim expects full approval within the year. “We aim to do more than extract resources—we want to contribute to communities,” he says.
With IPO plans in motion, Saudi Gold Refinery is undergoing internal restructuring to meet public listing requirements. That includes upgrading financial governance, ESG compliance, and reporting transparency. Al-Othaim is also negotiating procurement partnerships to position the company as a supply chain hub for other mining firms operating in the region. “We consume so much of certain chemicals and materials
that becoming an official distributor just made sense,” he explains.
The company’s expansion strategy includes partnerships with major international firms from South Africa and China, including state-owned entities and stock-listed corporations. While he declined to name specific partners, AlOthaim confirmed joint ventures are underway to co-develop several highvalue sites.
When asked what success looks like over the next five years, Al-Othaim is direct: “Operating ten active mines. That’s the goal. But we’ve learned from our Crown Prince—aim high, and execute.”
He believes the Saudi ecosystem offers everything a business needs to succeed— visionary leadership, financial support (including up to 75% project financing from the Saudi Industrial Development Fund), and streamlined policy frameworks. “Money isn’t the challenge,” he says. “Execution is.”
Despite the dominance of Ma’aden, Saudi Arabia’s state mining giant, Al-Othaim sees plenty of space for independent players. “We don’t compete by mimicking them,” he notes. “They operate through
consultants and contractors. We work the land ourselves—from the soil to the showroom. It’s the farmer’s way, and it works.”
The company is also exploring opportunities beyond Saudi Arabia. Sites in Morocco are already under preliminary development, and a new holding entity, World Mining Company, has been established to manage international assets. While Saudi Gold Refinery will remain the flagship brand within the Kingdom, World Mining Company will represent Al-Othaim’s global vision.
As Saudi Arabia intensifies its push to become a global mining powerhouse, companies like Saudi Gold Refinery will be central to that story—not only for their output but for their values, their innovation, and their commitment to building a national legacy.
“In Saudi Arabia, everything is in place,” Al-Othaim concludes. “You just need the will to build. If you work smart, work hard, and stay accountable, there are no limits. We don’t just mine gold—we mine potential.”
www.sgr-sa.com
SAUDI GOLD REFINERY
www.sgr-sa.com