The most recent discoveries unveiled by Saudi Arabia elucidates on thriving prospects for gold mining in the kingdom amidst an inflow of local and foreign investments.
The most recent discoveries are estimated to bring together local and international investment, which is projected to be up to $533 million reported to Al Arabiya, creating around 4,000 job opportunities. The latest discoveries this year, will support the growth of the kingdom’s mining sector which is in line with the objectives set out by Crown Prince Mohammed bin Salman’s Vision 2030, an aspiring scheme designed to diversify the kingdom’s oil-reliant economy.
Last week, the Saudi Geological Survey – Kingdom of Saudi Arabia announced the discovery of new gold and copper ore sites in the Al-Madinah Al-Munawwarah region.
Thirteen Saudi and foreign companies within the framework of conglomerates are competing to earn a licence for the Umm Al Damar mining site situated in the Madinah region, according to the Saudi-owned newspaper Asharq Al Awsat. In August, the Ministry of Industry and Mineral Resources said that it had prequalified 13 bidders for Umm Al-Damar Exploration License. The Umm Al-Damar site encompasses an area of over 40 square kilometres and comprises copper, zinc, lead, gold and silver deposits.
Saudi Arabia has vast underground gold reserve
By 2030, The mining sector is envisaged to become the third pillar of Saudi economy with four-times GDP contribution. The Kingdom has a substantial mining industry and distinct mineral resource with an assessed value of about $1.3 trillion.
There are enormous potentials for gold deposits in 12 mining reserve sites in the Kingdom of Saudi Arabia, according to reports of the kingdom’s Ministry of Industry and Mineral Resources. These sites are at present the focal point of investments by several Saudi and foreign businesses; Asharq Al Awsat stated.
Saudi Arabia has vast underground gold reserve estimated at 323.7 tons, Arab news reported.
Six factories are generating gold and silver alloys in the kingdom with total investments of around SR7 billion ($1.86 billion). The Ministry of Industry and Mineral Resources has issued for about 477 gold ore detection licenses.