Saudi discovers massive gold reserves

Saudi Arabia’s state-owned mining company Ma’aden has discovered new gold reserves totalling 7.8 million ounces, around 221,000 kilograms, across four locations in the country. The discovery is expected to further strengthen efforts to expand mineral resources and build a world-class gold industry.

Although initial drilling indicated the presence of more than nine million ounces of gold, annual assessments have confirmed net reserves of 7.8 million ounces. The largest increase was recorded at the Mansourah Massarah mine, where gold reserves rose by three million ounces compared with last year.

In addition, 1.67 million ounces were identified at the Uruk 20/21 and Umm As Salam mines, while the newly discovered Wadi Al Jaw mine has yielded 3.08 million ounces of gold for the first time.

Ma’aden chief executive officer Bob Wilt said the achievement reflected the company’s long-term strategy and demonstrated that its plans were being implemented effectively on the ground. He said the company’s gold portfolio was becoming stronger, creating potential for increased cash flow in the future.

Among the projects, the Mansourah Massarah mine currently has an estimated 116 million tonnes of ore, with an average gold grade of 2.8 grams per tonne, translating into a potential 10.4 million ounces of gold.

The company said there was strong potential for the discovery of additional mineral layers at greater depths, and drilling activities would continue in 2026.

Ma’aden also said special emphasis was being placed on gold-rich regions in central Saudi Arabia to expand existing mining areas. New mineral layers have also been identified at the historic Mahd mine, which is expected to extend the mine’s operational life. Source: Gulf News.