Saudi Gold Refinery Company (SGR) announced Sunday it has secured 10 licenses to explore gold in the Republic of Tanzania, covering a total area of nearly 1,000 square kilometers, in a move aimed at expanding the company’s mining operations outside the Kingdom. The company said it has allocated an initial investment of $10 million to carry out exploration activities, within an ambitious plan to gradually increase total investments to $100 million. These investments will support the development, establishment, and operation of gold mines, with commercial production targeted to commence by 2030. The announcement follows a visit to Tanzania by Faisal Suliman Al-Othaim, Deputy Chairman of the Board of Directors at SGR. According to the company, this milestone is supported by the Ministry of Investment and the Saudi Embassy in Tanzania, highlighting the importance of strengthening Saudi investments abroad and creating new opportunities for national companies in the global mining industry. SGR continues to advance its global expansion strategy through its international investment arm, UGM Tanzania co, which oversees its operations and investment activities in Tanzania and Ethiopia. The company also maintains ongoing projects and business activities in Egypt and the Sultanate of Oman, while actively exploring opportunities in additional markets to further expand its global footprint and create sustainable value across the mining sector. In the Saudi market, the company plans to develop six to ten mines before 2030, at an average rate of two mines per year. These plans are supported by the Ministry of Industry and Mineral Resources, the Saudi Industrial Development Fund, financial institutions and other relevant authorities and stakeholders.
