Saudi Arabia, a country known for its abundant oil resources, has recently made remarkable new developments in the mining sector.
The discovery of multiple gold deposits in the area south of the Mansourah Massarah gold mine marks significant potential for expanded gold mining in the region, as announced by Saudi Arabian Mining Company (Maaden) on 28 December 2023.
The newly discovered gold deposits are the first discoveries in Maaden's exploration program that began in 2022 and are being made along a 100km-long strip. Samples taken show high-grade gold deposits of up to 10 per tonne at two drill sites 400m from and below Mansourah Massarah4 grams and 206 grams. This discovery implies the presence of high-density gold mineralisation beneath Mansourah Massarah.
Maaden plans to aggressively upgrade drilling around Mansourah Massarah in 2024 to further explore these new gold deposits. Maaden's chief executive, Robert Wilt***, told Reuters that the company plans to double production of ** and phosphate.
Currently, Mansourah Massarah has a resource of nearly 7 million ounces with an annual production capacity of 250,000 ounces. Maaden's 67% stake is held by Public Investment** (PIF), which is Saudi Arabia's $700 billion sovereign wealth**. In January 2023, Maaden announced the formation of a joint venture with PIF, Manara Minerals, to invest in overseas mining assets.
The discovery is part of a larger effort by Saudi Arabia to wean itself off oil. Backed by Crown Prince Mohammed bin Salman's Vision 2030 plan, Saudi Arabia is working to diversify its economy and reduce its dependence on the oil industry. With the expansion of gold mining, Saudi Arabia is expected to achieve greater economic gains in the non-oil sector.
Saudi Arabia's new discoveries not only bring new economic opportunities to the country, but also breathe new life into the global mining market. With the gold price** and demand increasing, Saudi Arabia is poised to become a significant player in the global gold mining market. This progress has a positive impact on the development and economic growth of the global mining industry.
Overall, Saudi Arabia has discovered a large amount of gold in addition to the discovery of oil, which has undoubtedly given a new impetus to the diversification and growth of its economy. In the context of the increasing prosperity of the global mining market, Saudi Arabia is expected to become a new mining powerhouse and achieve sustainable economic development and prosperity.
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