Saudi Arabia discovers new gold, copper ore sites in Madinah

Riyadh: The Geological Survey of the Kingdom of Saudi Arabia announced the discovery of new gold and copper ore sites in the Al-Madinah Al-Munawwarah region, the Saudi Press Agency (SPA) reported.

The discoveries were represented in the presence of gold ore within the borders of Aba Al-Raha, Umm Al-Barak Shield, Hijaz, in Madinah.

This discovery is an important event in the region, as it was previously considered that the Umm Al-Barak Shield was deficient in gold ore.

Copper ore was also discovered that represented the presence of four sites in the Al-Madiq area in Wadi Al-Faraa, Madinah.

The discoveries included secondary copper carbonate minerals such as malachite and azurite and ways of hosting them inside the rocky outcrops.

As per a report by Al Arabiya, the new discoveries are expected to attract local and international investors, which is expected to be up to $533 million, generating around 4,000 jobs.

Analysts say that the new discoveries will constitute a qualitative leap for mining in the Kingdom, and open up more prospects for promising investment opportunities.

It is noteworthy that Saudi Arabia ranks 18th in the world as the largest holder of gold, and tops the Arab countries in terms of its reserves.