RIYADH: Saudi Arabian Mining Co. has actually revealed the discovery of a considerable gold resource capacity along a 100 km strike from the existing Mansourah-Massarah cash cow.
The state-owned company, likewise called Ma’aden, revealed this as the very first discovery within its extensive expedition program introduced in 2022, according to a declaration.
The effort intends to develop a mineral assembly line, establish the resource base of the Kingdom, and assistance Ma’aden’s aspiration to change mining into the 3rd pillar of the Saudi economy.
Robert Wilt, CEO of Ma’aden, stated: “This discovery of the brand-new gold area is a driver for the world’s gold rush discoveries and a crucial part of our development technique.”
He included that this unearthing supports the diversity of earnings sources in positioning with the Saudi Vision 2030 while strengthening mining as an essential element of the area’s financial structure.
The expedition results suggest that resources are readily available at depth, recommending an abundance of wealth in the mine, with the capacity for more extension through underground advancement.
“The Arabian Shield has massive capacity that needs more first-rate discoveries, and this discovery is the very first of lots of discoveries that we anticipate to make,” he stated.
The CEO went on to state that, in the coming years, as the biggest mining company in Saudi Arabia, Ma’aden is working to establish the sector in the Kingdom and will continue to support its development and renaissance.
“Last year, Ma’aden started among the biggest expedition programs worldwide. These discoveries are very important proof of the untapped capacity of Saudi Arabia’s mineral resources,” Wilt kept in mind.
Expedition around Mansourah and Massarah is concentrated on determining prospective deposits of comparable geological scale and deposits.
The volume of gold resources in Mansourah and Massarah totaled up to an approximated 7 million ounces at the end of 2023, with a production capability of 250,000 ounces yearly.
In 2021, Ma’aden granted a $880 million agreement at its Mansourah-Massarah cash cow, marking the business’s largest-ever financial investment in the gold sector at the time.
The arrangement was signed at the time for Jac Rijk Al-Rushaid Contracting and Services Co. to offer functional mining services at the gold mines.
The variety of services was anticipated to consist of drilling, scaling, filling, transporting and re-handling in addition to ore control, dewatering, crusher feed, and all associated production activities at the mines.