Saudi Arabia Discovers Massive Gold Deposits, Sparking New Economic Prospects
Saudi Arabia has announced a groundbreaking discovery of extensive potential gold ore sources within its territory. The ore belt, stretching up to 125 kilometers, is estimated to hold a value of a staggering $50 trillion U.S. dollars. This discovery is poised to trigger a new gold rush and significantly stimulate the Saudi market.
The gold mine, located near the Mansourah Massarah gold mine in Al Khurmah province, has been identified as a high-grade gold deposit by the Saudi National Mining Company (Maaden). Initial samples indicate extraordinarily high gold content, with densities ranging from 10.4 grams to 20.6 grams per tonne. The high grade of the deposit suggests ease of extraction and increased value.
Exploration work by the State Mining Corporation near the Mansura Masala Gold Mine has revealed similar geological structures and mineral resources. The findings indicate the potential extension of the Mansura Masala Gold Mine into a 12-kilometer-long gold belt, with an estimated 1.5 million ounces (approximately 42.5 tons) of resources.
This discovery is the first result of a comprehensive exploration program initiated by the Saudi National Mining Company in 2022. Robert Wil, CEO of the National Mining Company, emphasized the critical role of these discoveries in aligning with the company's vision for 2030 and establishing mining as a key pillar of the Saudi economy. The program aims at diversifying the economy and attracting foreign direct investment through the development of mining and other industries.
Global Impact and Investment Opportunities
Al-Monitor reports that the announcement has led to a surge in interest from investors and mining companies, anticipating a wave of exploration licenses. The Gulf state is set to award over 30 mining exploration licenses to international investors this year. The scope of undeveloped mineral resources, including gold, copper, phosphate, and rare earth elements, is now valued at $2.5 trillion.
This development is instrumental in Saudi Arabia's Vision 2030 agenda, which aims to diversify the economy away from hydrocarbons. The initiative underscores mining as a strategic approach to boost the economy, with plans to quadruple the sector's economic contribution by 2030.The discovery of such vast gold reserves in Saudi Arabia marks a significant shift in the global mining landscape, potentially renewing the country's economic fortunes.
