Saudi Arabia has announced a major discovery of a gold-rich area extending over 125 kilometers, marking the first significant find in the country’s extensive mineral exploration program launched in 2022.
The Saudi Arabian Mining Company( Ma’aden), listed on the Saudi Stock Exchange (Tadawul) and 67% owned by the Saudi Public Investment Fund (PIF), reported that this discovery holds substantial potential gold resources. It is anticipated to become a major global gold belt.
The company’s statement highlighted that exploration between the Mansourah (northeast of Jeddah) and Masarrah (northeast of Taif) mines indicates that the gold resources span over 100 kilometers.
Additionally, Ma’aden is expanding its exploration footprint in the prospects of Jabal Al Ghadarah and Bir Al Tawilah, located 25 kilometers north of Mansourah and Masarrah, where the company is converting an indicated resource of 1.5 million ounces for measurement.
In its statement, Ma’aden noted that the current resource estimate of gold in Mansourah and Masarrah stands at about 7 million ounces, with an annual production capacity of 250,000 ounces.
Robert Wilt, the CEO of Ma’aden, commented that these discoveries are a significant indication of the untapped mineral wealth potential in Saudi Arabia.
He emphasized that this aligns with the objectives of Vision 2030, aiming to diversify income sources and establish mining as a third pillar of the Saudi economy.
Wilt added that this discovery is the first among many anticipated in the coming years, marking a significant milestone in Saudi Arabia’s mining and economic diversification efforts.
