Saudi Gold Refinery Sets Out Mine-to-Market Expansion at IMARC, Eyes Saudi Listing in 2028–30

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ACB News, 29 October 2026 — Saudi Gold Refinery (SGR) has set out an ambitious growth plan through 2030, targeting annual gold production of 500,000 ounces, a ten-million-ounce gold resource base and a portfolio of six to ten producing mines as it considers a listing on Saudi Arabia’s capital market between 2028 and 2030.

Presenting at the International Mining and Resources Conference (IMARC 2026) in Sydney, the privately held Saudi company outlined plans to accelerate exploration and mine development while strengthening its integrated operations across drilling, laboratory services, mineral processing, refining, jewellery manufacturing and retail.

Speaking with ACB News at IMARC on 29 October, SGR Deputy Chief Executive Officer Salman Al-Othaim said Saudi Arabia’s domestic capital market would be the company’s preferred venue for an initial public offering. An overseas listing could also be considered as part of its longer-term capital markets strategy.

SGR management has previously indicated that approximately 30% of the company’s shares could be offered through an IPO. The company has not yet disclosed its proposed listing board, valuation, underwriters or formal filing timetable.

Building an Integrated Gold Business Over Nearly Two Decades

According to the corporate presentation delivered by SGR at IMARC, the company was established in 2006 and is Saudi Arabia’s first and largest fully integrated private mining company.

Over nearly two decades, SGR has expanded from gold refining into mineral exploration, geophysical surveying, drilling, laboratory analysis, mine construction and operations, gold processing, bullion production, jewellery manufacturing and retail.

The expansion charts SGR’s development from a refining business into an integrated mining group, while reflecting the growing technical, operating and professional capabilities of Saudi Arabia’s domestic mining sector.

Looking towards 2030, the company plans to build on its expanding resource base and mine development pipeline by increasing its drilling, laboratory, processing and refining capabilities. It is also seeking international partnerships that can bring advanced technology, equipment manufacturing and specialist mining services into Saudi Arabia.

Targeting 500,000 Ounces of Annual Gold Production and 10 Million Ounces in Resources

SGR’s IMARC presentation sets a 2030 target of operating between six and ten producing mines, reaching annual gold output of 500,000 ounces and producing gold in three countries.

To support these ambitions, the company plans to lift annual drilling capacity to one million metres and expand laboratory throughput to 25,000 samples per day.

SGR is also targeting a workforce of more than 3,500 people, including over 150 geologists and mining specialists, as it builds the technical and operating capacity required to support a larger portfolio of mines.

According to the presentation, SGR’s JORC-reported gold resources increased from 500,000 ounces in 2024 to two million ounces in 2025. The company is targeting a further increase to ten million ounces by 2030.

SGR currently holds 40 active exploration licences in Saudi Arabia, with more than 274 additional licence applications. Six projects have reached the final stages of exploration.

Its in-house exploration capabilities cover geological mapping, geochemical surveys, trenching, geophysics, diamond and reverse-circulation drilling, three-dimensional modelling and resource estimation.

Mine Development and Supporting Capabilities to Accelerate in 2027

Mine development will be a central focus for SGR over the next two years. The company plans to advance two Saudi gold mine developments using carbon-in-leach processing in 2027 and has set a stage target of having three producing mines by the end of the first quarter of that year.

To accommodate different ore characteristics and project sizes, SGR is developing processing capabilities across heap leach, carbon-in-leach and carbon-in-pulp technologies.

In support of its new mines, the company is engaging with international engineering contractors, equipment manufacturers, mining technology companies and specialist service providers.

Potential areas of cooperation include mine design and construction, mineral processing systems, mining equipment, chemicals and consumables, spare parts, maintenance and logistics.

SGR also plans to establish a dedicated mine construction subsidiary to deliver heap-leach, CIL and CIP projects and related infrastructure in Saudi Arabia, targeting operational readiness by mid-2027.

The company is preparing to establish mine operations, local manufacturing and mining security platforms around the same period. These businesses are intended to strengthen production, equipment maintenance and precious-metals transport, while supporting the local manufacture of core boxes, selected mineral processing systems and associated equipment.

In its cooperation with Chinese companies, SGR has worked with Shanghai Zenith, Shanghai Sandioss and entities affiliated with China National Nuclear Corporation across engineering, mining chemicals, geological exploration and technology transfer.

SGR said Yantai Jinpeng Mining Machinery is providing engineering, procurement and construction services for two gold mines currently under development.

66-Tonne Refining Capacity Supports Downstream Growth and LBMA Ambitions

Gold refining is one of SGR’s long-established core capabilities and a central part of its mine-to-market business model.

The company’s IMARC presentation lists annual gold refining capacity of 66 tonnes, covering gold and precious-metals refining, assaying and purity testing, bullion casting and related production.

By 2027, SGR plans to make its refining facilities ready to receive feedstock from Saudi producers. The plan points to a gradual expansion of the refining business beyond SGR’s own mines to process material for third-party domestic producers.

The company is working towards meeting London Bullion Market Association requirements for refining and responsible sourcing, with the objective of securing LBMA accreditation by 2030.

At the financial and governance level, SGR is strengthening its reporting, budgeting and internal control systems in line with International Financial Reporting Standards. It is also advancing independent environmental, social and governance auditing as it prepares for further expansion and a potential future listing.

As part of its localisation strategy, SGR is seeking to work with international manufacturers and technology providers to bring mining chemicals, consumables, spare parts, equipment assembly and mineral processing facilities into Saudi Arabia.

Through technology transfer, local manufacturing and workforce development, the company aims to build a stronger domestic supply chain around its expanding project portfolio.

Investing in the Next Generation of Saudi Mining Professionals

Alongside its investment in resources, mines and processing infrastructure, SGR has placed local workforce development at the heart of its 2030 strategy.

The company is developing the Institute of the Refinery for Training, or IMRT, to equip Saudi professionals and future industry leaders with practical, technical and management skills.

The institute plans to provide technical, field and leadership training, practical instruction in mines, laboratories and refineries, as well as online learning and language programmes. Its first diploma programme is scheduled to begin in 2028.

As SGR’s workforce and project portfolio grow, the company plans to use professional training, career development and management succession programmes to cultivate a new generation of Saudi geologists, mining professionals, laboratory specialists, refining experts and industry leaders.

International Activities Move Towards Regional Expansion

Beyond Saudi Arabia, SGR said its overseas activities extend across Sudan, Ethiopia, Tanzania, Egypt and Oman, encompassing exploration, investment, project development, technical services and strategic partnerships.

The company intends to establish gold production operations in three countries by 2030 and is continuing to seek international partners with complementary resource, technical and operating capabilities for joint exploration, mine development and investment opportunities.

For international companies looking to enter or expand in Saudi Arabia, SGR aims to provide a platform connecting resource projects with the domestic market, government policy settings and local mining capabilities.

Saudi Arabia’s Development Environment Unlocks Gold Potential

Discussing the advantages of developing gold projects in Saudi Arabia, Al-Othaim compared the mining approval timelines of Saudi Arabia and Australia.

Drawing on the company’s experience, he said securing approval to develop a mining project in Australia could take four to five years, while some approvals in Saudi Arabia could be completed within several months or around six months.

More efficient approvals and project development processes, he said, could help mining companies move more quickly through exploration, construction and production.

Al-Othaim said the Saudi Government was providing strong policy support for mineral exploration and project development, with the ambition of establishing the Kingdom as a major global gold producer and a new source of supply alongside traditional producing nations.

Saudi Arabia has positioned mining as the third pillar of its national economy after oil and petrochemicals. The Kingdom continues to open mineral acreage, reform its licensing system and invest in infrastructure, industry financing and localisation.

For SGR, these developments are creating favourable conditions to expand its resource base, advance new mines and attract international capital, technology and specialist expertise.

From mine development in 2027 to its 2030 targets of 500,000 ounces in annual gold production, ten million ounces in gold resources and a potential capital markets listing, SGR presented at IMARC a growth plan extending from exploration and mining through to refining and jewellery retail.

Supported by Saudi Arabia’s mineral potential, improving investment environment and expanding international partnerships, SGR is seeking to accelerate the development of its project portfolio while building the people, technology and industrial capabilities needed for long-term growth.

Its presence at IMARC also carried a broader message: Saudi Arabia’s gold industry is opening to the world, and SGR wants partners from Australia, China and other international markets to share in that next phase of growth.

阅读中文版报道请点击：《沙特黄金精炼公司（Saudi Gold Refinery）亮相IMARC：黄金全产业链扩张提速拟登陆沙特资本市场》