Saudi Arabia Mulls Building Gold Refineries to Cut Down on Foreign Processing Costs
Saudi Arabia is considering building its own gold refineries in an effort to reduce costs associated with sending the precious metal abroad for refining.
In an interview with CNBC Arabia TV, head of Precious Metals & Gemstones National Committee at the Saudi Council of Chambers Karim Al Enezi said that the kingdom is looking into creating domestic gold refineries in an effort to reduce costs. Currently, Saudi Arabia sends its precious metal to Switzerland for processing, which cuts away nearly 35% of profit.
Al Enezi said Riyadh has been discussing the plan with the country’s Ministry of Industry and Mineral Resources, but failed to disclose a timeline of when such a project could materialize. He did say, however, that the Kingdom is ready and open to erecting such a facility, and has the capacities necessary to refine its own gold.
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