Saudi Arabia announced that they have discovered new sites for gold and copper ore deposits in the holy city of Madinah. Taking to Twitter, the Saudi Geological Survey (SGS), represented by the Survey and Mineral Exploration Centre, announced that the discoveries of gold deposits were within the boundaries of the Aba Al-Raha in the Madinah region.
Copper ore was also discovered at four sites in the Wadi Al-Faraa region’s Al-Madiq area in Madinah.
“With our discoveries, we open up more prospects for promising investment opportunities to the world,” the kingdom’s geological survey wrote on the micro-blogging site.
— هيئة المساحة الجيولوجية السعودية (@SgsOrgSa) September 15, 2022
According to the Middle East Monitor outlet, the new discoveries are expected to attract local and international investments, contributing to the national economy’s development. The authorities believe that the newly discovered site has an expected investment of $533 million, and is expected to create around 4,000 job opportunities.
For the unversed, Saudi Arabia is home to over 5,300 mineral locations, Professor Abdulaziz bin Labon, Chairman of the Saudi Geologists Cooperative Association, said in January. He stated that these include diverse metal and non-metal rocks, building materials, decorative rocks, and gemstones.
Crown Prince Mohammed bin Salman established mining as one of the sectors that has been identified for expansion as part of the Vision 2030 goals. As per Al Arabiya, in June, the Crown Prince announced the national priorities for the research and development sector. In May, Saudi Arabia’s Ministry of Industry and Mineral Resources outlined plans to attract $32 billion of investment into the mining sector.