Saudi Arabia's Gold Miner Plans to Be a Global Top-20 Supplier - Bloomberg:
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.
Gold demand is rising as U.S.-China trade tensions and fear of a recession persist. With declining prices of some commodities including aluminum, which generated 40 percent of Maaden’s revenue last year, the company may be counting on the precious metal’s allure as a safe-haven investment to soften the hit.
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