Saudi Arabia’s state-owned mining giant, Ma’aden, has announced significant gold and copper discoveries at exploratory sites in Wadi al Jaww and Jabl Shayban. The discoveries, described as “multiple intercepts of recoverable grades,” were revealed in a note published on the Saudi stock exchange (Tadawul) this week.

In a separate statement, Ma’aden disclosed evidence of “strong gold mineralisation” beneath its flagship open-pit mines at Mansourah and Massarah. However, the company cautioned that it currently lacks sufficient data to estimate the size and quality of these new deposits.

These announcements coincide with the Future Minerals Forum in Riyadh, an event designed to showcase Saudi Arabia’s growing mining sector as part of the country’s Vision 2030 initiative. This ambitious programme seeks to diversify the economy by expanding non-oil industries, including mining. During the forum, the kingdom outlined plans to auction exploration rights for 50,000 square kilometres of land. Detailed auction guidelines are expected to be released during the conference, which concludes on Thursday.

Highlighting the sector’s importance, Bandar Alkhorayef, Saudi Arabia’s minister of industry and mineral resources, stated that the kingdom’s mining industry is now the fastest-growing globally. Meanwhile, finance minister Mohammed Al-Jadaan emphasised the need for improved access to geological data to optimise exploration efforts.

Saudi Arabia’s untapped mineral wealth is estimated at a staggering $2.5 trillion, underscoring its potential to drive economic growth and establish the kingdom as a global mining hub. The latest discoveries represent a significant step toward realising this vision, enhancing the country’s position in the global mining industry.
As the kingdom continues to invest in mineral exploration and promote international partnerships, these findings highlight the central role of mining in achieving Saudi Arabia’s economic transformation goals under Vision 2030.

Source: Arabian Gulf Business Insight