Business · Companies · 1 day ago
Saudi Gold Refinery wins 10 gold exploration licences in Tanzania
Saudi Gold Refinery has won 10 gold exploration licences in Tanzania.
The licences cover nearly 1,000 square kilometres, as the company expands its mining activity beyond Saudi Arabia.
It plans to invest $10 million in the first exploration stage, with investment expected to rise gradually to $100 million.
That later funding is intended to develop projects and build and operate gold mines.
The company aims to start production by 2030.
Its Tanzania work is managed by UGM Tanzania, which also handles its operations in Ethiopia, Egypt and Oman.
In Saudi Arabia, the company separately plans to establish six to 10 mines before 2030.
Saudi Gold Refinery has obtained 10 gold exploration licences in Tanzania, covering about 1,000 square kilometres.
The company plans to invest $10 million in the initial exploration phase.
It expects investment to rise gradually to $100 million, including developing projects and building and operating gold mines.
The company is targeting the start of production by 2030.
The licences followed a visit to Tanzania by Faisal Al-Othaim, the company’s vice-chairman.
- Who
- Saudi Gold Refinery obtained the licences.
- What
- It received 10 licences to explore for gold.
- When
- The article was published on November 8, 2026; the date the licences were obtained was not stated.
- Where
- Tanzania.
- Why
- The company aims to expand its mining activities beyond Saudi Arabia.
This story does not have two clearly opposing sides.
Faisal Al-Othaim, the company’s vice-chairman, visited Tanzania.
Saudi Gold Refinery obtained 10 gold exploration licences in Tanzania.
- Exploration licences
- 10
- Area covered
- About 1,000 square kilometres
- Initial exploration investment
- $10 million
- Planned investment
- Up to $100 million
- Targeted production start
- By 2030
- Licence country
- Tanzania