Saudi Arabia: Huge gold, copper deposits discovered in Medina city
The gulf nation of Saudi Arabia has discovered large deposits of gold and copper in the holy city of Medina, an official release said this week. The Saudi Geological Survey said that gold has been discovered in Aba al-Raha and copper has been discovered at four sites in the Medina region. This development has opened up more investment opportunities for Saudi Arabia. Here's more
Why does this story matter?
Saudi Arabia's Crown Prince Mohammed bin Salman has identified mining as a key sector for expansion of his 'Vision 2030' goals to diversify their oil-reliant economy. These discoveries can thrive the prospects for gold mining in the gulf nation which has about 34 tones of underground gold reserves. Additionally, 68,000 tonnes of yearly zinc and copper production also adds to Saudi Arabia's economic growth.
Here's more about the development
Gold ore has been discovered in Aba al-Raha and copper ore has been discovered in the Al-Madiq and Wadi Al-Faraa regions. According to Alarabia, the site has an investment size of a whopping US$533 million. It is expected to employ at least 4,000 people. Reports say these discoveries will attract local and international investments and contribute to Saudi Arabia's national economy.
Companies vying for investment
Announcing the discovery, the Saudi Geological Survey said, "With our discoveries, we open up more prospects for promising investment opportunities to the world." According to Saudi-owned newspaper, since the announcement on September 15, thirteen companies (Saudi and foreign) are lobbying with conglomerates to get a license for the Umm Al-Damar mining site which has copper, gold, and zinc deposits.
Saudi Arabia's focus on mining
In May, the Saudi government made plans to attract investments worth US$32 billion into the mining sector. According to experts, Saudi Arabia harbors about 5,300 mineral locations which include metal and non-metal rocks, decorative rocks, gemstones, and building materials. The kingdom has planned to collect SR240 billion (US$63.82 billion) worth of revenues from mining by 2030, reports said.
