The Kingdom of Saudi Arabia (KSA) has uncovered a colossal gold reserve, indicating the potential to expand gold mining in the area.
Saudi Arabia has announced the discovery of significant gold reserves in the Makkah region, located south of the Mansourah Massarah mine.
The newly discovered gold mine is ranked among the region’s most significant finds, stretching over 125km, making it one of the most important discoveries in history.
Arabian Gulf Business reports that the latest gold discovery comes as part of the Kingdom’s Vision 2030 strategy aimed at reducing oil dependency and boosting alternative sectors like mining.
Saudi Arabia's vision is that the gold mine is expected to create thousands of new jobs, attract billions in global investments, and further position KSA as a key player in the international gold market.
Moreover, the experts also note that such a discovery could also influence global gold supply and prices, which have already surged past $1115.84 USD per 10 grams.
According to Saudi state-owned mining company Maaden, multiple high-grade deposits were found along a 100 km stretch, with drill samples yielding up to 20.6 grams of gold per ton.
According to Robert Wille, the CEO of Maaden, the new gold discovery will revolutionize Mecca in terms of gold worldwide
Experts believe the discovery could significantly extend mine operations, support underground expansion, and form a world-class gold belt spanning nearly 125 km.
Moreover, the ‘Mansourah Massarah’ mine currently holds around seven million ounces of gold reserves and produces 250,000 ounces annually.
In addition to that, the new find strengthens Saudi Arabia’s Vision 2030 strategy, which aims to make mining a core pillar of the national economy alongside energy and technology.
The new mining discovery is a glimpse into how Saudi Arabia is reshaping its economic future with one of the most valuable resources on Earth.
Furthermore, the Saudi stock market reports that Maaden has announced the discovery of “multiple intercepts of recoverable gold and copper grades” in other exploratory sites at Wadi al Jaww and Jabl Shayban.
Additionally, Minister of Industry and Mineral Resources Bander Alkhorayef said, “Saudi Arabia’s mining sector is now the fastest growing in the world.”
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Previously, Australia was considered as the largest gold reservoir of the world with 10,000 tons of gold.