UAE

Saudi Arabia Announces Discovery Of Huge Gold And Copper Deposits In Madina

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The brand-new explorations are now anticipated to attract regional and also global investors as well as in turn, contribute to the development of the Kingdom’s economic situation.

Saudi Arabia lately announced the discovery of new sites for gold and also copper ore deposits in the holy city of Medina.

In a Twitter message, the Saudi Geological Study educated that the discoveries of gold ore were within the boundaries of Aba al-Raha, in the Medina area. Copper ore was likewise discovered at four websites in the Al-Madiq location in the Wadi Al-Faraa area in Madina, authorities claimed.

“With our explorations, we open a lot more leads for appealing investment possibilities to the world,” the kingdom’s geological survey composed on social media sites.

According to a record by Al Arabiya, the new discoveries are now anticipated to draw in local and also international capitalists and in turn, add to the development of the national economy. Authorities believe that the freshly discovered website has an anticipated investment of $533 million, as well as is likewise anticipated to create around 4,000 work.

The new discoveries will constitute a qualitative jump for mining in the Kingdom, and open a lot more potential customers for appealing investment opportunities, experts said, as per the outlet.

Saudi Arabia is home to over 5,300 mineral areas, Professor Abdulaziz bin Labon, Chairman of the Saudi Geologists Cooperative Organization said in January, adding that these include varied steel as well as non-metal rocks, building materials, ornamental rocks and also gems.

Mining is just one of the fields that has actually been recognized for development as component of the Vision 2030 goad developed by Crown Prince Mohammed container Salman. According to Al Arabiya, back in June, the Crown Royal prince announced the national priorities for the r & d market. In Might, the Kingdom’s Ministry of Market and also Mineral Resources outlined plans to bring in $32 billion of investment into the mining market.

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Resources: NDTV

Last Updated: 23 September 2022

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