As the new CEO of Saudi Gold Refinery, would you introduce yourself and the company to our audience?

After 14 years in the mining industry, I have worn many hats, from starting as a strategy consultant to spending 12 years in corporate development with major mining companies. During that time, I led regional expansion programs and worked with over 30 governments to discuss market entries. In 2021, my path led me to Saudi Arabia, where I helped build a portfolio of exploration licenses. More recently, in November 2024, I joined Saudi Gold Refinery (SGR), a privately owned company backed by the Al-Othaim family.

SGR’s portfolio includes an operating gold mine, Hamda, which started about 10 years ago and produces around 65,000 oz/y. We also have two projects in pre-feasibility, 14 active exploration licenses, and 200 more in the application process. Since the Kingdom approved its new mining code in 2020, SGR has put a big focus on exploration to make the most of these new opportunities, and we are building global partnerships to push forward with joint exploration projects. How does your integrated model benefit both your mining operations and jewelry business?

Right now, we are a pure gold producer with an integrated business model that connects our mining operations to our jewelry business. The licenses we have applied for indicate geological potential for polymetallic minerals, including copper, zinc, lead and silver.

Our mining approach is more agile than the traditional Western model. Instead of lengthy studies and waiting 15 years from discovery to production, we focus on identifying the first 200,000 ounces of resources and moving quickly into production. Such flexibility allows us to adapt our processes based on metallurgy. We refine the gold to a threeninth purity standard in our own refinery and then sell it either directly to customers or through our jewelry business. Where are the assets of Saudi Gold Refinery located?

Our exploration portfolio spans the entire Kingdom. Our operation site, Hamda, is about a two-hour drive from Abha, a city often nicknamed the ‘Switzerland of Saudi Arabia’. Hamda serves as a vital part of our operations, reflecting the rich resources and beauty of the region. Meanwhile, our HQ and main facilities, including the refinery, jewelry factory and lab, are all in Riyadh. This central location allows us to efficiently manage operations and maintain strong connectivity between our exploration, production and end-product processes. Are there plans to develop any new mid-scale mines in the future?

We are extending the life of the Hamda mine another three years, which will increase production capacity to approximately 2,200 kilograms per year. We will do this by developing satellite pits nearby and by working on 14 exploration licenses. While it is too early to make definitive claims, we aim to establish a few mid-scale mines. Our current capital projects include building a new crusher plant, upgrading our fleet, and expanding our data science and AI teams to improve remote sensing capabilities. What aspects of the Saudi mining context make it beneficial for you to maintain a vertically integrated business model?

The vertically integrated model sets us apart by keeping the core process in-house. KSA’s service sector still lacks the depth and quality needed for outsourcing, so we have developed our own geophysics department, remote sensing AI team, lab, and drill rigs, capable of handling up to 500,000 meters annually, with plans to double that. Nevertheless, despite this independence, I recognize that mining is a team sport; hence our global partnerships for our exploration portfolio. What is your final message for GBR’s international audience?

We are the second-largest producer in Saudi Arabia, focused on sustainable growth and ramping up production to strengthen our position. We want to grow, but it is not about being first but responsibly developing new mines and ensuring steady progress. By increasing our footprint in KSA, we aim to build a lasting presence and contribute to the local mining ecosystem while aligning with the Kingdom’s long-term vision for the industry. Mining is a team sport, and we actively invite everyone to join the Kingdom of Saudi Arabia’s growing mining sector and Saudi Gold Refinery to collaborate and make meaningful contributions to this journey.