Saudi Arabia discovered new gold reserves in Medina worth around 2 Billion Saudi Riyals

Business

Saudi Arabia has announced the discovery of new sites for gold and copper ore deposits in the Madinah region. The Saudi Geological Survey (SGS), also announced the findings of copper ore. It is located across four sites in the Al-Madiq area in the same region.

Generating around 4,000 jobs, the discoveries expect to attract local and international investment, up to $533 million reported to Al Arabiya. They are among the latest discoveries this year, which will help grow the kingdom’s mining sector.

Saudi Arabia said at the beginning of 2022 that it hoped to attract $170 billion in mining investment by the end of the decade. However, since Riyadh stated in 2018 that the kingdom’s resources were worth an estimated $1.3 trillion, but the pace of mine construction and utilization has been slow because Riyadh announced in 2018 that the kingdom’s minerals were worth an estimated $1.3 trillion. Crown Prince Mohammed bin Salman’s Vision2030 intended to steer the country towards a diversified, post-oil economy.

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