Business Enquirer Magazine Issue 122 | Saudi Gold Refinery | Feb'24

THE GOLD EXPERTS MADE IN THE KINGDOM OF SAUDI ARABIA

THE GOLD EXPERTS MADE IN THE KINGDOM OF SAUDI ARABIA T

he son of Sheikh Saleh bin Ali Al Othaim, Sulaiman was raised as part of the Othaim Jewelry empire, with Sulaiman achieving his qualifications from the Gemological Institute of America. The CEO has worked in the mining industry for 32 years.

Starting as a jewellery retailer, the business moved into gold manufacturing, and then established itself as a gold refinery. Now, the business has control of the quality of its entire gold supply chain.

“As a gold mining company we produce about 1.5 tons of gold per year. Now, we are on a mission to achieve the highest gold production in Saudi Arabia, with the aim to produce at least 10 tons per year,” said Sulaiman.

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Issue 122 · Business Enquirer Magazine

When it comes to credentials in the gold industry, look no further than Sheikh Sulaiman bin Saleh Al-Othaim, CEO of Saudi Gold Refinery.

SAUDI GOLD REFINERY

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SAUDI GOLD REFINERY Vision 2030 Jabal Samran Prospect is located about 120 km northeast of Jeddah

Based in Saudi Arabia, Saudi Gold Refinery is invested in supporting the country’s Vision 2030 - its ambitious roadmap for economic diversification, global engagement, and enhanced quality of life.

“The Saudi Arabian Government is implementing initiatives to bring Saudi Arabian minerals to the international market, much like it has done with petroleum, and we will play a role within that,” explained Sulaiman.

In fact, the country’s government believes it’s sitting on top of an estimated $1.3 trillion worth of untapped mineral deposits, including gold.

Currently, Saudi Gold Refinery has seven operational mines, with an additional six mines in the exploration stage.

“Supported by the government, we aim to have ten operational mines by 2030,” said Sulaiman.

One way in which the government is supporting the mining industry is by establishing seaports for export, as well as the implementation of Saudi’s Mining Law. Additionally, is the allocation of the Industrial Development Fund in which the government subsidies 75% of mining costs.

Expansion through Exploration Saudi Gold Refinery is on a mission to be considered within the top ten businesses in Saudi Arabia’s mining sector, as well as become recognised as a multinational company, and a public company by 2030.

Currently producing two tons of Saudi’s ten ton output per year, the business is looking to expand its production by ten times within the next three years.

“By implementing advanced research, we are aiming to ramp up our gold ore production to 100 tons by 2027,” shared Sulaiman, “in the near term, we are keen to transform from producing 6,000 cubic Business Enquirer Magazine · Issue 122

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Marzuk Musallam Al-Mihmadi Co. Ltd: Pioneering Excellence in Contracting, Mining, and Rock Cutting for Over 26 Years In the dynamic landscape of the Saudi market, Marzuk Musallam Al-Mihmadi Co. Ltd stands as a stalwart, boasting a remarkable 26-year track record as a leading contracting, mining, and rock cutting company. Our commitment to excellence, innovation, and client satisfaction has propelled us to the forefront of the industry, where we seamlessly integrate advanced data management with proven techniques to provide comprehensive solutions tailored to our clients' unique needs.

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Strategy: Marzuk Musallam Al-Mihmadi Co. Ltd has a history of remarkable success in expanding its quarry management operations, particularly within the cement industry across the MENA region. Our strategy revolves around key operations and activities that include contracting services such as earthworks, excavation, pipeline support, aggregate and sand supply, and heavy equipment rentals. In the mining sector, our services encompass mining planning, quarry expansion, equipment sizing, and production cost estimates.

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SAUDI GOLD REFINERY

Hamda Gold Mine

metres of ore every month to about 20,000 during 2024-25,”

Steps Towards International Recognition

Amongst its mining operations is its Hamda Gold mine. After detailed survey and sampling by Saudi Gold Refinery’s team, the “Competent Person’s” report in accordance with JORC & NI 101 criteria, fixed the resource at 1.83 million tons in situ grade 2.42 grams.

Although already employing mining experts, in order to achieve its goals as a leader in Saudi’s gold mining sector, Saudi Gold Refinery recognises the importance of providing industry specific training to young people in the country.

As well as its Saudi operations, the refinery owns three mines internationally in Morocco, Uzbekistan and Kurdistan.

“We have developed integrated plans and programs to develop talent and provide appropriate educational and training opportunities for young people,” explained Sulaiman, “partnering with industry experts, our young people have the opportunity to train internationally in places like South Africa and Canada,”.

The company currently operates a furnace dedicated to smelting gold in the acid mine and is seeking to establish foundries and smelting furnaces for copper, zinc and lead.

In addition to the educational and training aspects, Saudi Gold Refinery, recognises the importance of innovation, research and development in the mining industry to become a leader in the sector.

In addition, its Jabal Samran copper prospect is about to start its advance exploration with a Core Drilling campaign.

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The company invests in supporting scientific research and technology and strengthening cooperation with local universities.

“We are also seeking to establish partnerships within technology businesses to be able to share knowledge,” said Sulaiman. .

Saudi Gold Refinery also identifies the importance of sustainable mining, which will help to achieve a competitive advantage and industry recognition.

“Given the growing importance of sustainable development we are seeking to become a pioneer in the field of social and environmental responsibility, adhering to international standards,” shared Sulaiman.

It also implements social projects aimed at improving the quality of life of communities, including support for education, health care and skills development.

www.sgr-sa.com

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SAUDI GOLD REFINERY www.sgr-sa.com

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