Saudi Gold Refinery has announced plans to invest up to $100 million in gold exploration and mine development in Tanzania after securing new exploration rights covering approximately 1,000 square kilometres, targeting commercial production by 2030.
The Saudi mining company said on November 7 that it had secured 10 exploration licences and allocated an initial $10 million for geological surveys and exploration. Investment could rise to $100 million as commercially viable deposits are identified and projects advance towards mine construction and production.
The announcement followed a November 5 ceremony in Dodoma, where Tanzania’s Minerals Minister Anthony Mavunde formally handed over nine exploration licences to the company. The difference between the Tanzanian government’s reported nine licences and the company’s subsequent figure of 10 has not been publicly reconciled.
Mavunde said the awards followed discussions at a Tanzania-Saudi Arabia investment forum in Dar es Salaam, with authorities accelerating licensing procedures to attract international mining capital.
Saudi Gold Refinery Vice-Chairman Faisal Al-Othaim said initial work would include geophysical surveys before the end of 2026. The company is pursuing its international expansion through operations in Tanzania and Ethiopia, alongside activities in Egypt and Oman.
The investment comes as Tanzania benefits from rising gold exports, which generated approximately $4.7 billion in 2025, according to the Bank of Tanzania, making gold the country’s leading merchandise export.
The projects could generate employment, government revenue and demand for local mining services. Tanzanian authorities have nevertheless warned that licences must translate into active exploration or risk being revoked.
The immediate investment commitment remains the $10 million exploration programme. The larger $100 million target and planned 2030 production start depend on confirmed commercially recoverable deposits, feasibility studies, financing and subsequent mining approvals.
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