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| Ma'aden is the largest mining company in the Arab world |
Saudi Arabian Mining Company (Ma'aden), the largest mining
company in the Arab world, has revealed a substantial gold resource potential
in the kingdom. This newfound discovery spans a 100km stretch from the existing
Mansourah Massarah gold mine, marking the initial success of Ma'aden's
comprehensive exploration program launched in 2022.
Robert Wilt, CEO of Ma'aden, expressed that these
discoveries showcase the untapped potential of mineral resources in Saudi
Arabia, aligning with the country's Vision 2030 to diversify its economy and
position mining as the third pillar of economic growth. He emphasized the
potential for these findings to become a focal point in the world's next gold
rush, playing a crucial role in Ma'aden's growth strategy.
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Mining is a pivotal element of Saudi Arabia's Vision 2030
plan, aiming to attract foreign direct investment and reduce dependence on
hydrocarbon revenue. As the majority-owned entity of the kingdom's Public
Investment Fund, Ma'aden plays a central role in supporting Saudi Arabia's
aspirations in the mining sector. Under its corporate strategy, Ma'aden aims to
achieve tenfold growth by 2040 and venture into strategic minerals to fuel
downstream industries.
In collaboration with the Public Investment Fund, Ma'aden is
actively pursuing global mining investment opportunities. The recent
exploration around Mansourah Massarah focuses on identifying deposits with
similar scale and geology. Positive drill results from Uruq South, south of
Mansourah Massarah, have revealed similar geological characteristics and
chemistry, expanding the exploration footprint to Jabal Ghadarah and Bir
Tawilah prospects north of Mansourah Massarah.
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The cumulative positive results suggest a potentially 125km
strike with significant potential to become a major world-class gold belt in
Saudi Arabia. Mansourah Massarah, with almost seven million ounces of gold
resources at year-end 2023 and a production capacity of 250,000 ounces
annually, remains a key asset for Ma'aden.
Wilt affirmed Ma'aden's commitment to lead the development of
the mining sector in Saudi Arabia, supporting its growth and evolution. The
latest discovery aligns with the kingdom's ambitious goals for economic
diversification and sustainable development.
Source: https://www.thenationalnews.com/
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