Ma’aden, Saudi Arabia’s prominent mining company, has unveiled a momentous gold discovery, significantly expanding its resource potential in the kingdom. The newfound deposit spans an impressive 100-kilometer stretch originating from the existing Mansourah Massarah gold mine, marking a substantial breakthrough for Ma’aden.
The gold discovery is the first find from Ma’aden’s exploration programme launched in 2022. Photo: Ma’aden
This revelation is the inaugural outcome of Ma’aden’s comprehensive exploration initiative, initiated in 2022 with the objective of enhancing the company’s production pipeline. Robert Wilt, Ma’aden’s Chief Executive, expressed that these discoveries underscore the untapped mineral resource potential in Saudi Arabia. They align with Vision 2030, positioning mining as the third pillar of the Saudi economy, thereby contributing to the nation’s economic diversification.
The mining sector plays a pivotal role in Saudi Arabia’s Vision 2030 plan, seeking to attract foreign direct investment and reduce dependence on hydrocarbon revenue. As OPEC’s leading oil exporter, the kingdom aspires to more than triple the mining sector’s contribution to the national economy by 2030.
Ma’aden, predominantly owned by the Public Investment Fund of Saudi Arabia, manages numerous extraction sites within the kingdom, playing a central role in supporting Saudi Arabia’s mining industry aspirations. Under its new corporate strategy, Ma’aden aims to achieve tenfold growth by 2040 and venture into strategic minerals to fuel downstream industries, contributing to the growth of Saudi Arabia, the largest economy in the Arab world.
In collaboration with the kingdom’s sovereign wealth fund, the PIF, Ma’aden is also exploring global mining investment opportunities. The ongoing exploration around Mansourah Massarah focuses on identifying deposits of similar scale and geology. Positive drill results from Uruq South, along the 100-kilometer stretch south of Mansourah Massarah, reveal similar geological characteristics and chemistry, suggesting the potential for a significant gold belt in Saudi Arabia.
Expanding its exploration footprint at the Jabal Ghadarah and Bir Tawilah prospects north of Mansourah Massarah, Ma’aden has identified a potentially 125-kilometer strike with significant world-class gold belt potential in Saudi Arabia. Mansourah Massarah, with nearly seven million ounces of gold resources at year-end 2023 and a production capacity of 250,000 ounces annually, solidifies Ma’aden’s position as Saudi Arabia’s largest mining company.
Wilt affirmed Ma’aden’s commitment to spearheading the development of the mining sector in the kingdom, emphasizing continued support for its growth and evolution. The recent gold discovery signifies not only a significant milestone for Ma’aden but also a testament to the flourishing mining industry in Saudi Arabia.
Source: National News
