Saudi Arabia's Gold Miner Plans to Be a Global Top-20 Supplier
- Maaden will more than double its gold production by 2025
- Saudis want to exploit about $1.3 trillion in mining resources
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Saudi Arabian Mining Co. wants to more than double gold output within five years.
Maaden, as the state-backed company is known, plans to boost gold output from about 415,000 ounces this year to one million by 2025, Chief Executive Officer Darren Davis said in an interview. That would catapult the oil-rich kingdom from a marginal gold producer to one of the world’s top-20 suppliers.