Saudi Arabia has discovered huge deposits of gold and copper ore in the region of Medina.
The Saudi Press Agency (SPA) reported that the Saudi Geological Survey (SGS), represented by the Survey and Mineral Exploration Center, said the discoveries of gold deposits were within the boundaries of Aba Al-Raha in the region of Medina.
SGS also announced the discovery of copper ore, located at four sites in the Al-Madiq area in the same region.
The discoveries are expected to attract local and international investment, which is expected to reach $533 million reported to Al Arabiya, generating around 4,000 jobs. They are among the latest discoveries this year, which will help develop the kingdom’s mining sector, in line with the goals set by Crown Prince Mohammed bin Salman’s Vision 2030 to steer the country towards a diversified post-oil economy.
In July, Saudi Minister of Industry and Mineral Resources Khalid Al-Mudaifer said the kingdom had attracted more than $8 billion (30.06 billion Saudi riyals) in direct foreign capital into its mining industry. last year, following the adoption of legislation encouraging investment in the sector.
In early 2022, Saudi Arabia said it was seeking to attract $170 billion in investment in its mining sector by the end of the decade. However, the pace of mine development and exploitation has been slow since Riyadh announced in 2018 that the kingdom’s minerals were worth around $1.3 trillion.