Exciting news for Saudi Arabia! New Gold Reserves have been discovered, changing the game for the country’s gold industry. Thanks to the efforts of the Saudi Arabian Mining Company (Maaden), these reserves, found 125 km south of the Mansourah Massarah gold mine, could make Saudi Arabia a major player in global gold production. This discovery, part of Maaden’s exploration program since 2022, holds great promise for economic growth and global recognition.
Discover New Gold Reserves
The Saudi Arabian Mining Company (Maaden) has disclosed the discovery of multiple gold deposits spanning 125 km south of the existing Mansourah Massarah gold mine in Al Khurmah governorate, Makkah region. This significant find is the outcome of Maaden’s ambitious exploration program initiated in 2022, aiming to establish a new metal production line.
Exploration results indicate that the newly uncovered deposits share geological and chemical characteristics with the Mansourah Massarah deposit, a leading modern gold mine in the region. Samples from various locations reveal high-grade gold deposits, with 10.4 grams per ton (g/t) and 20.6 g/t in two random drilling spots near Mansourah Massarah.
Future Plans and Potential:
Maaden plans to intensify drilling activities in 2024 around Mansourah Massarah, Jabal al-Ghadara, and Bir al-Tawila prospects, indicating a potential 125 km mineralization strike. This presents a unique opportunity to develop a world-class gold belt in Saudi Arabia.
Impact on Saudi Arabia:
The discovery is a significant boost to Saudi Arabia’s gold industry and its economy. Mansourah Massarah, as of the end of 2023, reported gold resources of nearly seven million ounces and an annual production capacity of 250,000 ounces. With the addition of these new deposits, the Kingdom is poised to become a major player in the global gold market.
Furthermore, the development of these resources aligns with Vision 2030, a strategic plan aimed at reducing the Kingdom’s reliance on oil. By establishing mining as a key economic pillar, Saudi Arabia can tap into its untapped mineral wealth, create jobs, attract investments, and diversify income sources.
CEO’s Perspective:
According to Robert Wil, the CEO of Maaden, these discoveries have the potential to trigger the world’s next gold rush, forming a crucial part of their growth strategy. He emphasizes the importance of tapping into Saudi Arabia’s untapped mineral resources, aligning with Vision 2030 and establishing mining as a key pillar of the Saudi economy.
In Conclusion:
Saudi Arabia, with its ancient tradition of gold mining, is on the brink of a transformative period. The recent discovery by Maaden unveils new dimensions for the Kingdom’s gold industry, paving the way for increased production, economic growth, and global prominence. Saudi Arabia is poised to shine brightly in the upcoming gold rush.
FAQs
- Q: How much gold does Saudi Arabia produce and rank in the world?
- A: According to the blog post, Saudi Arabia is one of the top 20 gold producers in the world, with an output of 250,000 ounces per year as of 2023. The exact rank may vary depending on the source and the year.
- Q: What is the name of the company that operates the gold mines in Saudi Arabia?
- A: The blog post mentions that the Saudi Arabian Mining Company, also known as Maaden, is the primary operator of gold mines in the country. It is owned by the Public Investment Fund, which is the sovereign wealth fund of Saudi Arabia.
- Q: What is the name of the new gold belt that was discovered in Saudi Arabia?
- A: The blog post states that the new gold belt was discovered along a 125 km stretch south of the existing Mansourah Massarah gold mine in Al Khurmah governorate, Makkah region. The name of the gold belt is not given, but it is described as a potential world-class gold belt.
- Q: What are the benefits of developing the new gold resources for Saudi Arabia?
- A: The blog post explains that the discovery of the new gold resources could boost the gold industry, the economy, and the diversification of Saudi Arabia. It could increase the gold production and reserves, create more jobs, attract more investments, and reduce the dependence on oil.
- Q: What is Vision 2030 and how is it related to the gold sector in Saudi Arabia?
- A: The blog post refers to Vision 2030 as a strategic plan that aims to transform Saudi Arabia into a more modern and diversified economy. One of the goals of Vision 2030 is to establish mining as a key pillar of the Saudi economy, and to exploit the untapped mineral wealth of the country. The gold sector is a part of this vision, as it represents a valuable and sustainable resource.
