Saudi Arabia wants to double gold and aluminum production

One of the countries hardest hit by low oil prices is Saudi Arabia. Not surprisingly, the kingdom is looking for alternative sources of revenue for the budget. This is part of the special Vision 2030 program, which should reduce the country's dependence on the state of the hydrocarbon market.

Saudi Arabia has particularly high hopes for gold mining. Already, the country has produced 200 thousand ounces of the precious metal. In 2020, gold production will at least double. Although, these are even pessimistic estimates, since the latest data show that it is possible to increase gold production within four years to the level of 500 thousand ounces.

Another source of income is the increase in aluminum production. The main component of the cost of metal production is energy, and Saudi Arabia has cheap sources. The kingdom has already signed a contract with the American corporation Alcoa, an agreement to increase the production of this metal from the current 760 thousand tons to more than 1 million in four years.