Saudi Gold Refinery eyes mining in Ethiopia
The Saudi Gold Refinery, a major player in the Kingdom of Saudi Arabia’s mining industry, has shown interest in entering Ethiopia’s gold mining sector.
The Ethiopian Investment Commission (EIC) Temesgen Zeleke held a meeting in Addis Ababa with Sheikh Suliman Saleh Al-Othaim, Board Chairman of Saudi Gold Refinery. The talks focused on Ethiopia’s ongoing reforms aimed at making the mining sector more attractive to both domestic and international investors.
Mining policies
According to the EIC, Ethiopia is aligning its mining policies with international best practices to create a more enabling environment for investment. Legal reforms have been emphasized as one of the key pillars in this transformation.
During the meeting, Saudi delegates were briefed on the various opportunities available in Ethiopia’s mining sector. Saudi Gold Refinery is reportedly among the top three gold mining firms in Saudi Arabia and currently operates over 15 exploration projects. The company’s annual gold production is estimated at two tonnes.
However, the EIC has not disclosed whether Saudi Gold Refinery has made a concrete investment proposal or the level of commitment expressed by the company toward launching operations in Ethiopia.
Gold mining remains one of the priority investment sectors for the Ethiopian government. Prime Minister Abiy Ahmed recently revealed that the country exported $3.2 billion worth of gold in the past fiscal year, underlining the sector’s growing importance to the national economy.
Ethiopia already hosts significant foreign investment in gold mining. MIDROC Ethiopia, owned by Ethiopian-born Saudi billionaire Sheikh Mohammed Hussein Al Amoudi, has been active in the sector for several years. In January 2025, MIDROC announced a $200 million investment in the Bullen district of Benishangul Gumuz region to expand its mining operations.
