Saudi Arabian Mining Company Looks to Double Gold Production By 2030

Saudi Arabian Mining Company (Ma’aden) is accelerating a minerals push that goes far beyond gold. Chief executive Bob Wilt said the Riyadh-listed miner aims to double gold output by 2030 while building a domestic rare-earths supply chain, anchoring Saudi Arabia’s bid to diversify away from oil under Vision 2030. The strategy is unapologetically about “speed and scale,” he told the Financial Times, but with discipline: organic growth first, selective M&A second.

The backdrop is strong. Majority-owned by the Public Investment Fund, Ma’aden reported a 73% jump in first-half net profit to SR3.47 billion ($920 million), driven largely by phosphate. Management plans to spend about $2.5 billion a year over the next five years to expand in copper, gold and rare earths—metals critical to EVs, renewables and defense. To shorten time-to-ore, Ma’aden is tapping Saudi Aramco’s subsurface and geologic datasets to high-grade exploration targets, especially for copper. It has also lined up technical and financing partners, including Barrick Gold and Ivanhoe Electric at home, while its international arm, Manara, scouts overseas stakes.

Progress has been pragmatic rather than flashy. Since Manara’s 2023 launch, its only disclosed deal is a 10% stake in Vale Base Metals. It passed on Ivanhoe Mines’ Kamoa-Kakula in the DRC—later taken by Qatar Investment Authority—and on Pakistan’s Reko Diq, soon to be one of the world’s largest copper projects. Industry sources say Ma’aden and Manara have also weathered setbacks, including the cancellation of a planned JV with Bahrain’s Alba, underscoring Wilt’s point that this is not a sovereign fund “throw-cash-around” campaign.

Even so, the pipeline is thickening. Inside the Kingdom, Ma’aden is rolling the exploration wheel harder, supported by reforms that have modernized mining law and tendering. Internationally, Manara’s mandate is to add selective copper and battery-materials exposure without overpaying. The company’s pitch to investors is straightforward: low political risk at home, growing optionality abroad, and integrated infrastructure—from ports to power—few rivals can match.

If Ma’aden executes, Saudi Arabia could emerge as a Gulf hub for critical minerals: exporting phosphate and aluminum today, adding gold, copper and rare-earths volumes tomorrow. The risk is speed versus selectivity. The opportunity is scale with staying power.

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