Saudi Arabia’s state-owned mining company, Ma’aden, announced a significant find, an additional 7.8 million ounces (approximately 221 tonnes) of gold to the Kingdom’s known mineral reserves. The latest discoveries were revealed on 12 January after widespread drilling and exploration at the following four sites: Mansourah Massarah, Uruq 20/21, Umm As Salam, and Wadi Al Jaw, with Wadi Al Jaw making up a large percentage of the comprehensive total estimated volume.
The findings suggest the country has significant mineral resources, a mixed bag of active mines and early-stage exploration. The Arabian Shield, which encompasses much of the Kingdom’s geological area, is known for its abundant gold deposits. Exploration had been further extended close to the old Mahd gold mine in a recent exploration process found extensions of mineralized zones to create more opportunities for developing and exploiting a number of resources. This discovery fits seamlessly into Saudi Arabia’s Vision 2030 economic strategy to expand beyond oil and into other sectors, and mining is a crucial part of that plan.
Experts and officials stressed that bringing millions of ounces of gold to reserve estimates is an important step toward creating a sustainable economy, one that doesn’t depend upon a single source of economic activity. And the socio-economic fallout, it could also be large, for neighboring communities where the mining would be done. It was expected to create job opportunities and development of infrastructure, as well as new investments to the towns and villages that have previously suffered from a lack of economic activity.
The discovery should also help to attract foreign investment from abroad, and bring more miners home on board, further cementing Saudi Arabia's place as a strong and fair mineral exploratory nation. Though the new reserves don’t initially place the Kingdom as one of the largest gold producers in the world, the discovery marks a crucial step in Saudi Arabia’s pursuit of mining. Through further exploration, tech investment, and workforce building, the Kingdom is ready to take advantage of its mineral fortune for sustained economic prosperity, as gold, copper, nickel, and other precious metals take on more importance in the future of Saudi Arabia.
