Saudi Arabia has discovered a new gold ore site within the boundaries of Aba al-Raha, in the Medina region. He found copper ore at four locations in the al-Madiq area of the same region. These discoveries are expected to attract local and international investors, and contribute to the development of the kingdom’s national economy.
More Gold Deposits to Discover
The kingdom’s Ministry of Industry and Mineral Resources believes there is great potential for gold in 12 mining reserves in Saudi Arabia. Umm Al Damar, an area of more than 40 square kilometers, contains copper, zinc, gold and silver.
According to Asharq Al Awsat, a Saudi-owned newspaper, these sites are the focus of investment by a number of Saudi and foreign companies. It highlights that 13 Saudi and foreign companies are competing in conglomerates to win the license for the UMM Al Damar mining site located in Medina.
Currently, underground gold reserves in Saudi Arabia are estimated at 323.7 tonnes. The kingdom has six factories with a total investment of more than Saudi Riyal SR7 billion that produce gold and silver alloys. The Ministry of Industry has issued around 477 permits for gold ore prospecting. Some companies have already started production, while others are still in the development process.
From Oil To Gold
Saudi Arabia, the largest exporter of petroleum in the world because it has the second largest proven oil reserves and the sixth largest measured natural gas reserves, now prepare to step into gold. The new invention is estimated to be worth up to $533 million and has the potential to create 4,000 jobs.
In addition, it can help grow the royal mining sector in line with the vision of the 2030 Crown Prince Mohammed bin Salman who will direct Saudi Arabia towards the diversified post-miny-miny economy. Khalid Al-Mudaifer, Minister of Industry and Saudi Mineral Resources, said that in July that the country attracted more than $ 8 billion of foreign capital directly in its mining industry in 2021. Thus, the kingdom wanted to attract investments worth $ 170 billion. in its mining sector at the end of the decade.
Saudi Arabia’s annual production of copper and zinc concentrations, as well as phosphates is estimated at 68,000 tonnes and 24.6 million tonnes, respectively.
Source : www.ibtimes.sg