Gold and copper deposits discovered in Medina

Saudi Arabia announced the discovery of new sites for gold and copper ore deposits in the holy city of Medina earlier this week.

According to the Saudi Arabia press, the Saudi Geological Survey (SGS), represented by the Survey and Mineral Exploration Centre, said that the discoveries of gold deposits were done within the boundaries of the Aba Al-Raha in the Madinah region. The SGS also announced the findings of copper ore, located across four sites in the Al-Madiq area in the same region.

Saudi Arabia said earlier this year that the country was looking to attract $170 billion worth of investment in its mining sector by the end of the decade. However, the pace of mine development and exploitation has been slow, Al Arabiya said in its report. It said that the discoveries of gold and copper are expected to attract investment up to $533 million and generate around 4,000 jobs.

Saudi Arabia is home to over 5,300 mineral locations, Professor Abdulaziz bin Labon, Chairman of the Saudi Geologists Cooperative Association said in January, adding that these include diverse metal and non-metal rocks, building materials, decorative rocks and gemstones, as per media report. The new discoveries will constitute a qualitative leap for mining in the Kingdom, and open up more prospects for promising investment opportunities, analysts said, as per the outlet.

It is expected that the new discoveries will attract more local and international investors and in turn, contribute to the development of the Kingdom’s economy.

Mining is one of the sectors that has been identified for expansion as part of the Vision 2030 goal established by Crown Prince Mohammed bin Salman, reported the NDTV. According to Al Arabiya, back in June, the Crown Prince announced the national priorities for the research and development sector. In May, the Kingdom’s Ministry of Industry and Mineral Resources outlined plans to attract $32 billion of investment into the mining sector.

According to the Middle East Monitor website, Saudi Arabia in early this year said it was looking to attract $170 billion worth of investment in its mining sector by the end of the decade. However, the pace of mine development and exploitation has been slow since Riyadh announced in 2018 that the kingdom’s minerals were worth an estimated $1.3 trillion.

-INDIA NEWS STREAM