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Saudi Arabia Announces The Discovery Of Large Gold And Copper Deposits In Medina

News Desk, 23 Sept – This week, Saudi Arabia revealed fresh locations for gold and copper ore resources in the Madinah region.

The Saudi Press Agency (SPA) reported that the Saudi Geological Survey (SGS), represented by the Survey and Mineral Exploration Centre, had found gold resources near Aba Al-Raha in Madinah.

According to the kingdom’s geological survey, “With our discovery, we open up a whole new world of lucrative investment opportunities”. Al Arabiya reported that the fresh discoveries are expected to attract foreign and local investors, thereby contributing to the growth of the economy. Approximately 4,000 new jobs are expected to be created at the recently identified location, according to officials.

Saudi Arabia stated earlier this year that it hoped to attract $170 billion in investments by the end of the decade for its mining sector. According to Al Arabiya’s study, mine development and exploitation had been slow.

According to Professor Abdulaziz bin Labon, the Saudi Geologists’ Cooperative Association’s chairman, Saudi Arabia is home to more than 5,300 mineral localities, including a variety of metal and non-metal rocks, building supplies, decorative rocks, and jewels.

Mining is one among the sectors that Crown Prince Mohammed bin Salman’s Vision 2030 project has identified for growth. The Crown Prince reportedly declared research and development to be the nation’s top priority in June, according to Al Arabiya. Plans to bring $32 billion in investments to the mining industry were unveiled by the Ministry of Industry and Mineral Resources in May.

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