图片来源： IMARC 网站

文｜ACB News《澳华财经在线》Jack

ACB News, 29 October 2026 — Saudi Gold Refinery (SGR) has unveiled its mining expansion and capital markets strategy through 2030 at the International Mining and Resources Conference (IMARC 2026) in Sydney, while inviting Australian and international miners, industrial manufacturers and technology providers to explore opportunities in Saudi Arabia.

SGR Deputy CEO Salman Alothaim told ACB News that the company plans to develop two carbon-in-leach gold mines in Saudi Arabia in 2027. By 2030, SGR aims to operate six to ten producing mines, lift annual gold production to 500,000 ounces and build a portfolio of 10 million ounces in gold resources and discoveries.

Alongside its mine development and resource expansion plans, SGR is targeting an initial public offering on the Saudi market between 2028 and 2030, with approximately 30% of the company’s shares expected to be offered.

The production, resource, mine development and listing figures are management targets rather than the company’s current operating position. Their delivery will depend on resource definition, feasibility studies, regulatory approvals, financing, mine construction and capital market conditions.

Proposed Offering of Approximately 30% of the Company

SGR’s proposed listing has been outlined publicly by its management on several previous occasions.

In a September interview with CNBC Arabia, Alothaim said the company intended to offer approximately 30% of its shares on the Saudi market by 2030. He also said SGR was targeting annual gold production of about 500,000 ounces in Saudi Arabia by the same year.

SGR Chairman Suliman Al-Othaim previously identified 2028 to 2030 as the company’s targeted IPO window in interviews reported by Middle Eastern financial media Argaam and Asharq. He said the company was seeking to establish six to ten producing mines and build gold resources of between five million and ten million ounces before listing.

The IPO forms part of a longer-term corporate strategy. As early as 2024, Suliman Al-Othaim told Arab News that SGR intended to become a publicly listed company by 2030.

SGR has not disclosed whether it intends to list on Saudi Arabia’s Main Market or the Nomu Parallel Market. It has also yet to announce a proposed offer size, valuation, underwriters or formal filing timetable. The IPO therefore remains a medium-term objective rather than a formally launched transaction.

Targeting Annual Gold Production of 500,000 Ounces

In its IMARC materials, SGR describes itself as Saudi Arabia’s first and largest fully integrated private mining company, with activities spanning exploration, drilling, mine development, gold production and refining.

According to the company’s website, SGR currently holds two mining licences and more than 40 active exploration licences in Saudi Arabia, with over 162 additional exploration licence applications pending. Six projects are described as being in the final stages of development.

Under its 2030 strategy, SGR plans to increase annual drilling to one million metres, achieve gold production in three countries and expand its workforce to more than 3,500 employees, including 150 geologists. It is also targeting laboratory capacity of 25,000 samples per day.

Alothaim told ACB News that SGR plans to complete 500,000 metres of drilling in 2027. Its Riyadh laboratory has capacity to process 4,000 samples per day, while its gold refining capacity has been expanded to 66 tonnes a year.

The company says its mineral resource reporting follows the JORC framework and its financial reporting applies International Financial Reporting Standards. It is also working towards London Bullion Market Association accreditation.

SGR has a presence in Sudan, Tanzania, Ethiopia, Egypt and Oman and plans to expand its international footprint through investment, project development and strategic partnerships. It is targeting gold production in three countries outside Saudi Arabia by 2030.

Seeking Mining Investment and Technology Partners

SGR’s partnership objectives at IMARC are primarily focused on opportunities in Saudi Arabia.

The company is seeking to connect with major and mid-sized gold and copper mining companies, established mine operators, industrial manufacturers and technology providers interested in strategic partnerships, joint ventures and investment opportunities.

Localisation of the mining supply chain is a central priority. SGR wants to attract international partners capable of developing local production of cyanide and other mining chemicals, consumables and spare parts, as well as equipment manufacturing and assembly and mineral processing facilities.

In gold processing, SGR is particularly interested in carbon-in-leach and carbon-in-pulp systems and associated mineral processing technologies. It is also seeking companies with advanced capabilities in exploration, drilling, geophysics, laboratory analysis and mining technology.

The company said its objective is to establish long-term partnerships that support international businesses entering or expanding in the Saudi market, facilitate technology transfer and develop local manufacturing capabilities across the mining value chain.

Australia has an established gold and copper mining sector and extensive capabilities in exploration, mine engineering, mineral processing, equipment manufacturing and professional services. SGR’s decision to outline its requirements at IMARC positions Australian mining and mining-services companies as potential partners in its Saudi expansion and localisation program.

No public information has been identified showing that SGR currently owns mining interests in Australia, has invested in an Australian mining project or holds an equity position in an ASX-listed company. Its presence in Sydney is therefore more accurately understood as an effort to attract technology, equipment, manufacturing expertise and mine operating capabilities into Saudi Arabia.

Existing Cooperation with Chinese Organisations

SGR has established cooperation with Shanghai Zenith, Shanghai Sandioss, geological and technology organisations associated with China National Nuclear Corporation, and the Beijing Research Institute of Uranium Geology.

The arrangements cover feasibility studies, EPC services, mineral processing reagents, geological exploration, technology transfer and skills development. Available information indicates that these are primarily engineering, exploration and technical partnerships, with no disclosed Chinese equity investment or project financing.

As Saudi Arabia seeks to establish mining as a major pillar of its economic diversification and industrial development strategy, SGR is bringing together mine development, international partnerships, supply-chain localisation and capital market financing within a single expansion plan.

Progress on its proposed CIL mines, publication of JORC-aligned resources, development of international projects and movement of the proposed IPO towards a formal filing will be key milestones to watch as SGR works towards its 2030 objectives.

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