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.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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The%20specs
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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