Saudi Arabia recently announced the discovery of new gold and copper ore deposits in the holy city of Medina.
Inside Twitter post, the Geological Survey of Saudi Arabia announced that the gold ore findings were within the limits of Aba al-Raha, in the Medina region. Officials were also discovered at four locations in the Al-Madiq area of Wadi Al-Faraa in Madina. said.
“With our discoveries, we are opening more prospects to the world for promising investment opportunities,” the kingdom’s geological survey wrote on social media.
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According to the report Al Arabiya, the new discoveries should now attract local and international investors and in turn contribute to the development of the country’s economy. Officials believe the newly discovered site has an expected investment of $533 million and will also create about 4,000 jobs.
The new discoveries represent a qualitative leap in the kingdom’s mining and open up more prospects for promising investment opportunities, analysts said.
Saudi Arabia is home to more than 5,300 mineral deposits, said Professor Abdulaziz bin Labon, chairman of the Saudi Association of Geologists’ Cooperatives, in January, adding that they include a variety of metallic and non-metallic rocks, construction materials, decorative rocks and precious stones.
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Mining is one of the areas that need to be expanded as part of the Vision 2030 goal created by Crown Prince Mohammed bin Salman. Accordingly Al Arabiya, in June the Crown Prince announced the national priorities of the research and development sector. In May, the Kingdom’s Ministry of Industry and Mineral Resources released plans to attract $32 billion in investment to the mining sector.