The Saudi Gold Refinery Company has officially placed bids on exploration licences in mineral-bearing areas in the Egyptian Eastern Desert, representing a major expansion across borders in the regional mining industry.
According to Al-Othaim in an interview with Asharq Bloomberg, the company’s plan is to obtain mining licences and begin commercial gold mining operations prior to 2030. The company’s bid follows the issuance of an international tender in Cairo with 260 blocks through an open block system that allows for continual bidding with flexible royalties and taxes.
Suliman Al-Othaim noted that the Riyadh-based mining firm possesses adequate capacity and funds to develop each stage of the operation from exploration to complete mine development.
The company envisions developing assets in Egypt capable of matching the production output and operational scale of the renowned Sukari mine.
According to an Egyptian government official, the Saudi operator is targeting at least five specific blocks, concentrating on high-concentration deposits near Al-Baramiya, south of Marsa Alam in the Red Sea Governorate. Prior partnership discussions between the company and Egypt’s state-owned Shalateen Mineral Resources Company previously stalled due to structural disagreements over concession terms, with the Saudi firm insisting on a royalty-and-tax setup rather than a production-sharing agreement.
Established in 2008, Saudi Gold Refinery Co. holds approximately 25 domestic exploration permits across 150 locations within Saudi Arabia. The push into Egypt coincides with Cairo’s broader economic drive to attract $1 billion in yearly mining investment and boost annual gold yield to 800,000 ounces by 2030.
The strategic venture reflects a broader alignment between Saudi capital and Egypt’s economic ambition to transform its mining sector into a core growth pillar. By leveraging its financial self-reliance and domestic operational expertise, Saudi Gold Refinery Company aims to unlock untapped mineral wealth in the Eastern Desert, directly supporting Cairo’s goal of expanding annual gold production and securing crucial foreign direct investment.
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