Saudi Arabian Mining Company's (Maaden) gold sale volumes fell 12.3 per cent to 128,000 ounces in 2008, the company said on Wednesday.

The sales volumes for gold were 146,000 ounces in 2007, Maaden said. The average selling price for its gold nearly doubled last year to $877 per ounce from $445 per ounce a year earlier, it said in an annual financial statement.

Last year, Maaden produced 146,000 ounces of gold, up from 143,000 ounces the previous year, the company added.

By the end of 2008, Maaden's proven gold ore deposits were 1.3 million ounces, while mines under study were estimated to hold gold ore deposits of 8.26 million ounces, Maaden said.-Reuters