RIYADH: Saudi Arabian Mining Co. has announced the discovery of a substantial gold resource potential along a 100 km strike from the existing Mansourah-Massarah gold mine.
The state-owned firm, also known as Ma’aden, unveiled this as the first discovery within its intensive exploration program launched in 2022, according to a statement.
The initiative aims to build a mineral production line, develop the resource base of the Kingdom, and support Ma’aden’s ambition to transform mining into the third pillar of the Saudi economy.
Robert Wilt, CEO of Ma’aden, said: “This discovery of the new gold region is a catalyst for the world’s gold rush discoveries and a key part of our growth strategy.”
Moreover, he added that this unearthing supports the diversification of income sources in alignment with the Saudi Vision 2030 while solidifying mining as a fundamental component of the region’s economic framework.
The exploration results indicate that resources are available at depth, suggesting an abundance of wealth in the mine, with the potential for further extension through underground development.
“The Arabian Shield has enormous potential that requires more world-class discoveries, and this discovery is the first of many discoveries that we expect to make,” he said.
The CEO went on to say that, in the coming years, as the largest mining firm in Saudi Arabia, Ma’aden is working to develop the sector in the Kingdom and will continue to support its growth and renaissance.
“Last year, Ma’aden embarked on one of the largest exploration programs in the world. These discoveries are important evidence of the untapped potential of Saudi Arabia’s mineral resources,” Wilt noted.
Exploration around Mansourah and Massarah is focused on identifying potential deposits of similar geological scale and deposits.
The volume of gold resources in Mansourah and Massarah amounted to an estimated 7 million ounces at the end of 2023, with a production capacity of 250,000 ounces annually.
In 2021, Ma’aden awarded a $880 million contract at its Mansourah-Massarah gold mines, marking the company’s largest-ever investment in the gold sector at the time.
The agreement was signed at the time for Jac Rijk Al-Rushaid Contracting and Services Co. to provide operational mining services at the gold mines.
The range of services was expected to include drilling, scaling, loading, hauling and re-handling as well as ore control, dewatering, crusher feed, and all related production activities at the mines.