Saudi Arabia's Mining Facilities Hit 360

Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
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Saudi Arabia's Mining Facilities Hit 360

Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)

Saudi Arabia 's mining complexes reached 360, according to data released by the Saudi Ministry of Industry and Mineral Resources.

Under Vision 2030, mining is the third pillar of Saudi Arabia's economic development, after energy and petrochemicals.

The Makkah region took the lead with 72 facilities, Riyadh with 52, and Madinah with 52. The rest of the complexes are scattered across the Kingdom.

The report also said the Kingdom has 70 reserves sites for mining activities.

The Ministry said these mining complexes extract gold, copper, zinc, aluminum, magnesium, iron, silica, gypsum, limestone, clay, and various other industrial materials.

Limestone ore, bauxite, and phosphate ore are among the minerals widely used in the Kingdom's manufacturing industries.

The Ministry confirmed that the mining facilities have become a steady source of jobs for Saudis and offer different positions such as quarry official, mechanical technician, electrical technician, geologist, and mining engineer.

The Ministry aims to govern the mining sector, enhance its transparency, and increase investor confidence. It also seeks sustainability for the industry and motivates local communities to participate in the mining sector's growth paths following investments in the mining sector.

It aims to develop the areas adjacent to the mining projects by employing people from the nearby regions, increasing local purchases from the local market, and developing plans for effective communication in the area surrounding the project.

In January, the Ministry will launch Future Minerals Summit with the participation of more than 50 international speakers will attend the summit. The Ministry confirmed that ministers from over 25 Asian and African countries will also hold a meeting.



Gold Rallies to Record High on US Rate Cut Optimism

FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
TT

Gold Rallies to Record High on US Rate Cut Optimism

FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo

Gold prices soared to an all-time high on Friday as the dollar weakened amid prospects of super-sized reduction in US interest rates next week, while palladium has gained over 15% so far this week.
Spot gold was up hitting a record 0.3% at $2,567.23 per ounce by 0703 GMT, after high of $2,570.21 earlier in the session. Bullion has gained about 3% for the week so far, Reuters reported.
US gold futures rose 0.6% to $2,595.10.
The dollar fell to a one-week low on Friday, making greenback-priced gold less expensive for other currency holders, with investors on tenterhooks around uncertainty of a 25 or 50 basis point US rate cut next week.
"Regardless of the size of the initial Federal Reserve rate cut, we look to be on the verge of a potentially long and frequent easing cycle, which is a scenario that bodes well for assets such as gold, which are non-yielding," said Tim Waterer, chief market analyst at KCM Trade.
The International Monetary Fund said it was appropriate for the Fed to begin a long-awaited monetary easing cycle at its meeting next week as upside risks to inflation have subsided.
Traders see a 41% chance of a 50-bp reduction and 59% odds of a 25 bp cut.
Investors will scan the US consumer sentiment (preliminary) data, due later in the day, for further clues on rate outlook.
ANZ commodity strategist Soni Kumari said "we are seeing (gold) prices can go to $2,600 in the short term, given the price momentum is looking quite strong right now."
Spot silver rose 0.3% to $30.01 and platinum gained 0.7% to $983.95. Both metals are headed for weekly gains.
Palladium climbed 0.4% to $1,050.50 and was headed for its best week since December 2023, fueled by export curb concerns.
Russian President Vladimir Putin said Moscow should consider limiting exports of uranium, titanium and nickel in retaliation against the West.