A gold deposit found in Medina, Saudi Arabia
Highlights:
• Gold has been found in Medina at Aba al-Raha, Umm al-Barak shield, borders of Hijaz.
• Copper carbonate minerals such as malachite and azurite have also been found.
• This research will be helpful for Crown Prince Mohammed bin Salman's Vision 2030.
RIYADH: Saudi Arabia has reserves of crude oil, which is no less than a treasure for it. But, now researchers have discovered a real treasure in this Gulf country. The Geological Survey of Saudi Arabia has announced the discovery of hidden gold and copper deposits in the Al-Munawrah area of Al-Madinah. Saudi Press Agency has given this information. Gold has been found at Aba al-Raha, Umm al-Barak shield in Medina, on the borders of the Hijaz. Saudi Arabia hopes the new research will attract investors.
The discovery is an important development in the region, as the Umm Al-Barak Shield soil was previously thought to be low in gold, Siayat Daily reported. These discoveries also include secondary copper carbonate minerals such as malachite and azurite. According to a report by Al Arabiya, the new invention could attract local and international investors, which is expected to be worth up to $5.33 billion, creating 4,000 jobs.
Opportunities may open up for investors in Saudi Arabia
Analysts say the new discoveries could boost the mining industry in Saudi Arabia and open up more prospects for promising investment opportunities. Saudi Arabia ranks 18th in the world in terms of gold reserves and the highest in the Arab world in terms of its reserves. The discovery of gold and copper will help the country's Crown Prince Mohammed bin Salman (Saudi Prince Mohammed bin Salman Al Saud) Vision 2030.
The crown prince wants to eliminate economic dependence on crude
Crown Prince Mohammed bin Salman wants to eliminate Saudi Arabia's economic dependence on crude by 2030. Saudi Arabia's Minister of Industry and Mineral Resources Khalid Al Mudefair said in July that Saudi Arabia's mining industry received $8 billion in foreign investment last year. He said that foreign investment has increased after the passage of the law to increase investment in the mining industry. Saudi Arabia hopes to invest $170 billion in the mining sector by 2030.