Saudi Arabia announces discovery of gold, copper ore in Madinah

Saudi Arabia has announced the discovery of new sites for gold and copper ore deposits in the Madinah region.

The Saudi Geological Survey, represented by the Survey and Mineral Exploration Centre, said that the discoveries of gold ore were within the boundaries of Aba Al-Raha, the shield of Umm Al-Barrak Hejaz, in the Madinah region, official news agency WAM reported, citing Saudi Press Agency. 

Saudi Arabia announces new discovery of gold and copper ore in Madinah#WamNews https://t.co/RbMbVTko4e pic.twitter.com/ZA8P7gas0P

— WAM English (@WAMNEWS_ENG) September 16, 2022

Copper ore was also discovered at four sites in the Al-Madiq area in the Wadi Al-Faraa region in Madinah.

These discoveries represent promising potentials for special copper deposits and add to the list of discoveries made during 2022, which will accelerate the pace of mining investment in the kingdom, the statement added.

In related news, Saudi Arabian mining company Ma’aden, reported a 85 per cent quarter-on-quarter rise in its Q2 net profit, equalling SAR4bn.

Read: Saudi mining giant Ma’aden reports H1 net profit increase of 232% to reach SAR6.2bn

In 2020, Saudi Arabia announced a new relief package of 27 measures to support the private industrial and mining sectors.

Read: Saudi launches new measures to support industrial and mining sectors