Saudi gold production hits highest level in 2019

Saudi gold output advanced by 5% YoY in 2019

  
A Saudi jeweller wearing a protective face mask displays a gold necklace to customers at a jewellery store during the holy month of Ramadan, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 5, 2020.

A Saudi jeweller wearing a protective face mask displays a gold necklace to customers at a jewellery store during the holy month of Ramadan, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 5, 2020.

Reuters/Ahmed Yosri

Riyadh - Mubasher: Saudi Arabia’ metal production from gold, copper, and zinc has boomed during 2019 to witness its highest level in recent years.

The kingdom’s gold output rose to an all-time high during the period from 2003 to 2019, according to official data.

By the end of 2019, the gold output continued its positive trajectory for the sixth consecutive year, rising by 5% year-on-year (YoY) or 588 kilograms, to stand at 12.35 tonnes, compared with 11.77 tonnes in 2018.

With more than 323 tonnes of gold, Saudi Arabia has the largest gold reserves among Arab states.

Silver production up for the fourth consecutive year

Likewise, Saudi silver production continued to rise for the fourth year in a row in 2019. Production increased to an eight-year high by 4.99% YoY, reaching 5.59 tonnes when compared to 5.32 tonnes in the previous year.

Copper and zinc output surged in 2019

Copper production in the GCC nation stood at 63.36 tonnes last year, 5% more than the 60.34 tonnes produced in 2018. Meanwhile, the production of zinc advanced to 18.9 tonnes from 18 tonnes in the previous year.

Contribution to GDP

The contribution of the Saudi mining sector to the gross domestic product (GDP) is projected to soar by more than SAR 240 billion and is seen to lower imports by SAR 37 billion and provide more than 200,000 direct and indirect job opportunities by 2030, according to the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef.

It is noteworthy that the geological metal inventory in the kingdom crossed SAR 4.9 trillion.

Source: Mubasher

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