After oil, huge reserves of gold found again in the holy city of Mecca in Saudi Arabia
A large deposit of gold has been discovered in Mecca city of Saudi Arabia. Saudi Arabian Mining Company Maaden has given this information. The company said that the gold reserves found in the new discovery are spread 100 kilometers from the existing Mansoorah Massara gold mine. This is the first discovery under Maden’s program aimed at mineral production line production, which it plans to launch in 2022. Such a huge gold reserve in Saudi Arabia, famous for its oil reserves, can be a significant addition to its treasury.
The mining company said samples taken at two random drilling sites 400 meters from and below Mansourah Massara revealed high-grade gold reserves of 10.4 grams per tonne (g/t) gold and 20.6 g/t gold. Presence indicated. This means that there is a high density of gold here. The company plans to accelerate planned drilling activities around Mansourah Massara in 2024.
The company will speed up its mining operation
Maden CEO Robert Wilt has said that the company plans to double its gold and phosphate production. Maaden is 67 percent owned by the Public Investment Fund (PIF), the state’s $700 billion sovereign wealth fund, and the largest miner in the Gulf. In January 2023, the company announced Manara Minerals, a joint venture with PIF to invest in mining assets abroad. Its expansion is part of a larger effort to wean Saudi Arabia away from oil dependence under Crown Prince Mohammed bin Salman’s Vision 2030 program.
These discoveries are an important demonstration of the untapped potential of mineral resources in Saudi Arabia and establish mining as the third pillar of the Saudi economy, Maaden said in a statement. These have the potential to be the epicenter of the world’s next gold rush and are a strong part of our growth strategy. The Arabian Shield has immense potential that requires more world-class discoveries, and this discovery is the first of many discoveries we expect to make in the coming years.
