Saudi Arabian Mining Company (Maaden) is seeking to double gold production by 2030 and develop a rare earths supply chain, CEO Bob Wilt said.

“Our story is organic growth,” he told Financial Times.

The Saudi-listed mining company intends to allocate nearly $2.5 billion annually over the next five years to develop local resources, including copper, gold, and rare earths.

“We are all about speed and scale,” Wilt said, stating, “We are making a tremendous effort that will really move the needle.”

Maaden is utilising oil and gas giant Saudi Aramco’s geological data to identify exploration targets and areas of high potential, particularly for copper.

The PIF-owned company is already collaborating with Barrick Mining and Ivanhoe Electric and plans to boost overseas investments through its international arm, Manara, the news report said.

(Editing by Anoop Menon) (anoop.menon@lseg.com) 

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