The gold discovery is the first find from Ma'aden's exploration programme launched in 2022. Photo: Ma’aden
The gold discovery is the first find from Ma'aden's exploration programme launched in 2022. Photo: Ma’aden
The gold discovery is the first find from Ma'aden's exploration programme launched in 2022. Photo: Ma’aden
The gold discovery is the first find from Ma'aden's exploration programme launched in 2022. Photo: Ma’aden

Saudi mining company Ma’aden announces 'significant' gold discovery


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Saudi Arabian Mining Company (Ma'aden), the biggest mining company in the Arab world, has announced the discovery of a “significant gold resource potential” in the kingdom.

The new discovery extends along a 100km stretch from the existing Mansourah Massarah gold mine, the company said on Thursday.

It is the “first find from the company’s extensive exploration programme, launched in 2022, aimed at building Ma’aden’s production pipeline”, it said.

“These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country in line with Vision 2030 and establishing mining as the third pillar of the Saudi economy,” Robert Wilt, chief executive of Ma’aden, said.

“These have the potential to be the centre of the world’s next gold rush and are a strong part of our growth strategy.”

Mining is a key component of Saudi Arabia’s drive to attract foreign direct investment as laid out in the Vision 2030 plan, which aims to reduce the country's dependence on hydrocarbon revenue.

The kingdom, Opec’s top oil exporter, aims to more than triple the mining sector’s contribution to the nation’s economic output by 2030.

Ma'aden, which is majority-owned by the kingdom’s Public Investment Fund, operates several extraction sites in the kingdom and is central to supporting the country's ambitions in the mining industry.

Under its new corporate strategy, Ma'aden aims to grow tenfold by 2040 and to move into strategic minerals to fuel the growth of downstream industries in Saudi Arabia, the Arab world’s biggest economy.

The company this year teamed up with the kingdom’s sovereign wealth fund, the PIF, to also pursue global mining investment opportunities.

The exploration around Mansourah Massarah is focused on identifying potential deposits of similar scale with similar geology, the company said.

Encouraging drill results from multiple sites on Uruq South, along a 100km stretch south of Mansourah Massarah, have uncovered similar geological characteristics and chemistry, it said.

Ma’aden said it continues the expansion of its exploration footprint at the Jabal Ghadarah and Bir Tawilah prospects 25km north of Mansourah Massarah.

“In combination, these positive drilling results have identified a potentially 125km strike with significant potential to become a major world-class gold belt in Saudi Arabia,” it said.

Mansourah Massarah had stated gold resources of almost seven million ounces at year-end 2023 and a nameplate production capacity of 250,000 ounces a year.

“As Saudi Arabia’s largest mining company, we are at the forefront of development for the sector in the kingdom and we will continue to support the growth and evolution of the sector,” Mr Wilt said.

In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

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Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

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Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.

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The number of followers that Michael Cinco’s Instagram account has garnered.

What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

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Started: 2020
 
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Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Updated: December 28, 2023, 12:19 PM`