Saudi Arabian Mining plans to invest billions of dollars in mining and the target is to double the gold production to 1 million ounces within five years.
Saudi Arabia is not just drilling for oil. The country also has significant gold deposits. Most recently, about 415,000 ounces of gold were extracted from the earth each year. Saudi Arabian Mining Co. now plans to invest more than 7.4 billion U.S. dollars in mineral exploration by 2035 and double gold production in five years. This is what Bloomberg reports.
"The MOBA Drilling System help them to increase the production. This system helps to drill the blastholes very precise and make the whole drilling process very effective. It saves a lot of time, wearing costs and a lot of dynamite", told Engineer Fareed Ahmed Procurement & Sales Manager from Bait Al-Hamsat Trading Est.
With an annual production volume of 1 million ounces (31.1 tons), Saudi Arabia advanced into the top 20 of the largest producing countries. The plans are part of a 426-billion-dollar infrastructure program to generate resources worth up to 1.3 trillion dollars.