October 4, 2022
Saudi Arabia announces discovery of huge gold and copper deposits in Medina

Saudi Arabia announces discovery of huge gold and copper deposits in Medina

The Saudi Geological Survey announced the discovery on Twitter. (pixabay/representative image)

Saudi Arabia recently announced the discovery of new sites for gold and copper ore deposits in the holy city of Medina.

one in twitter postThe Saudi Geological Survey reported that the gold ore was discovered within the boundaries of Aba al-Raha in the Medina region. Authorities discovered copper ore at four sites in the Al-Madiq area in the Wadi al-Fara area in Medina. Told,

“With our discoveries, we open up more possibilities for promising investment opportunities for the world,” the Geological Survey of the Kingdom wrote on social media.

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according to a report of al ArabiyaThe new discoveries are now expected to attract local and international investors and, in turn, contribute to the development of the national economy. Officials believe the newly discovered site has an expected investment of $533 million, and is also expected to create around 4,000 jobs.

Analysts said the new discoveries would constitute a qualitative leap for mining in the Kingdom, and open up more possibilities for promising investment opportunities, according to the outlet.

Saudi Arabia is home to more than 5,300 mineral sites, said Professor Abdulaziz bin Labon, president of the Saudi Geological Cooperative Federation, which he said includes diverse metallic and non-metallic rocks, building materials, ornamental rocks and gemstones.

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Mining is one of the sectors that have been identified for expansion as part of the Vision 2030 God established by Crown Prince Mohammed bin Salman. According to al Arabiya, Back in June, the Crown Prince announced national priorities for the research and development sector. In May, the Kingdom’s Ministry of Industry and Mineral Resources outlined a plan to attract $32 billion investment in the mining sector.

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