Saudi Arabia Mining Expands as Kingdom Chases Growth Beyond Oil

Saudi Arabian Mining Co. plans to double gold production by 2020 and is increasing output of other commodities from aluminum to ammonia as the world’s biggest crude oil exporter seeks to diversify its economy.

Gold output will be 500,000 ounces by 2020 from about 200,000 ounces this year, Chief Executive Officer Khaled Al Mudaifer said Wednesday in an interview in Ras Al-Khair in eastern Saudi Arabia. Aluminum production through a joint venture with Alcoa Corp. in the U.S. has potential to increase to 1 million metric tons from 760,000 tons this year, through the use of recycled metal parts, he said.