NEWS: Saudi Minerals announces the potential discovery of gold reserves in the Kingdom

First published: 28-Dec-2023 20:15:04

Shaima Hefzy

On Thursday, the Saudi mining company Maaden announced the discovery of a main gold belt extending 100 meters in the south of the Mansoura and Masara gold mine, one of the largest gold mines in the Kingdom, which means the potential discovery of raw gold reserves.

Ma'aden Company was established in 1997 and operates in mining activities in the Kingdom, and the Public Investment Fund (the Saudi sovereign fund) owns 67.18% of its shares.

The mining sector is considered one of the sectors that Saudi Arabia seeks to develop within an economic diversification program known as Vision 2030, and the mining sector is expected to contribute $64 billion to the domestic product in 2030.

Most of the oil and gas fields are concentrated in the east of the Kingdom, while the mineral-rich region in Saudi Arabia is known as the Arabian Shield, which is in the west of the country.

Ma'aden said, in a video posted on its account on the

The company said that it is working to complete exploration operations in Jabal Ghadara and Bir Tawila.

For more: What do we know about the Mansoura and Masara Gold Factory in Saudi Arabia?

(Prepared by: Shaima Hefzy, contact: zawya.arabic@lseg.com)

#Economic News

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