Giant Gold and Copper Reserves Unearthed in Holy City of Madina, According to Saudi Arabia's Announcement

The Kingdom of Saudi Arabia has made significant strides in the mining sector, with the discovery of new gold and copper ore deposits in Medina. These new discoveries, according to the Ministry of Industry and Mineral Resources, will mark a qualitative leap for mining in the Kingdom.

The Ministry has set an ambitious target to attract $32 billion of investment into the mining sector. This aim was outlined in May, as part of the broader Vision 2030 goal, developed by Crown Prince Mohammed bin Salman. Mining is one of the fields identified for development within this vision.

The gold ore discovery is within the boundaries of Aba al-Raha, in the Medina area, while copper ore was discovered at four sites in the Al-Madiq location in the Wadi Al-Faraa area in Madina. These discoveries are expected to create around 4,000 jobs and contribute to the development of the Kingdom's economy.

The new site has an anticipated investment of $533 million, although specific companies or institutions expected to participate in these discoveries have not been named. However, exploration and mining companies with activities in the region or similar projects, such as Desert Gold Ventures in West Africa and Surefire Resources in copper exploration, are examples of entities involved in related mineral exploration sectors.

The Kingdom's geological survey announced that these discoveries open more opportunities for attractive investment possibilities worldwide. The new discoveries are expected to draw in local and international investors, further boosting the economy.

Saudi Arabia boasts approximately 5,300 mineral areas, including steel, non-metal rocks, building materials, ornamental rocks, and gems. The Crown Prince announced the national priorities for the research and development market in June, recognizing mining as one of the fields identified for development.

These discoveries are a testament to the Kingdom's commitment to fostering growth and development in various sectors, as part of its broader economic vision. The mining industry is poised to play a significant role in the Kingdom's future, with the potential to attract substantial investment and create numerous job opportunities.

Giant Gold and Copper Reserves Unearthed in Holy City of Madina, According to Saudi Arabia's Announcement