The significant gold reserve is found in Saudi Arabia!

SHERAZUR RAHMAN##

Saudi Arabia has recently made an announcement regarding the discovery of a significant gold reserve within the country. The discovery was made in the Al Khurmah governorate, Makkah region, along a 100-kilometer stretch south of the existing Mansourah Massarah gold mine. This exciting development has been the result of an extensive exploration program initiated in 2022.

The Saudi Arabian Mining Company (Maaden) has confirmed the presence of multiple gold reserves, indicating the potential for further expansion of gold mining activities in the region. The Uruq South area, which spans 100 kilometers south of Mansourah Massarah, has shown geological similarities to the existing gold reserve sites. Initial samples from various locations have revealed high-grade gold reserves of 10.4 grams per ton (g/t) and 20.6 g/t, prompting Maaden to plan drilling activities starting in 2024.

In addition to the Mansourah Massarah area, Maaden is now focusing on the Jabal al-Ghadara and Bir al-Tawila prospects, located 25 kilometers north of Mansourah Massarah. The drilling results in these areas suggest a potential 125-kilometer strike, presenting a significant opportunity to develop a world-class gold belt in Saudi Arabia.

Furthermore, the near-mine drilling outcomes around Mansourah Massarah indicate that the gold resource extends at depth and along the strike. This offers great potential for resource expansion and the extension of the mine’s lifespan through underground development. As of the end of 2023, the gold mining company reported a total gold resource of nearly seven million ounces and a production capacity of 250,000 ounces per year.

Maaden, a key player in Saudi Arabia’s mining sector with 67% ownership by the Public Investment Fund (PIF), the Kingdom’s $700 billion sovereign wealth fund, is instrumental in the country’s growth strategy. The recent discovery of the Mansourah Massarah gold mine, which is the most advanced and technologically equipped in the nation, has the potential to trigger the world’s next gold rush.

This discovery holds immense significance as it taps into the untapped mineral resources of Saudi Arabia, aligns with Vision 2030, and establishes mining as a crucial pillar of the Saudi economy and development. In 2022 alone, the mine produced a substantial amount of 11,982.84 ounces of gold. The expansion is a component of a broader effort to reduce Saudi Arabia’s reliance on oil, as outlined in Crown Prince Mohammed Bin Salman’s Vision 2030 initiative.##