Saudi Arabia announces discovery of gold, copper sites in Madinah

Riyadh: Saudi Arabia announces the discovery of new sites of gold and cooper ore in Madinah region on Thursday. 

The Saudi Geological Survey and Mineral Exploration Center said that discoveries of gold ore were within the boundaries of Aba al-Raha, the shield of Umm Al-Barrak Hejaz in the Median region.

The center also revealed, Cooper ore was discovered at four sites in the Al-Madiq area in the Wadi Al-Faraa region in Madhina. 

These are added to the list of discoveries during 2022, which will accelerate the pace of mining investment in the Kingdom and thus supporting the Kingdom’s Vision 2030 and the national economy. These discoveries in various locations in Saudi Arabia will contribute to the development of the national economy, with the influx of local and international investors to make investments in the thriving mining sector.

There are 13 Saudi and foreign companies, within the framework of conglomerates, competing to win a license for the Umm Al-Damar mining site located in the Madinah region. Last month, the Ministry of Industry and Mineral Resources announced that it had prequalified 13 bidders for Umm Al-Damar Exploration License. The Umm Al-Damar site covers an area of ​​more than 40 square kilometers and includes copper, zinc, gold and silver deposits.

The prequalified bidders have to submit their proposals by October 2022. The site has an expected investment size of SR2 billion and is expected to generate around 4,000 jobs, according to the project brochure available on the ministry’s mining portal.

The volume of Saudi Arabia’s annual production of copper and zinc concentrates reached 68,000 tons, and about 24.6 million tons of phosphate ore, as it is processed to produce about 5.26 million tons of phosphate fertilizers, at a time when Saudi Arabia is among the top five producers of phosphate fertilizers.