Riyadh: Saudi Arabia has large reserves of crude oil, which is at least a ‘treasure’ for it. But now the explorers have found the true treasure of this Gulf nation. The Geological Survey of the Kingdom of Saudi Arabia has introduced the invention of the latest gold and copper ore within the Al-Madina Al-Munawwarah space. Saudi Press Agency (SPA) has given this info. Gold ore has been found throughout the boundaries of the Aba al-Raha, Umm al-Barak Shield, and Hijaz in Medina. Saudi Arabia hopes the brand new discovery might entice buyers.
According to the information of Siasat Daily, this discovery is a crucial occasion within the area because it was earlier believed that there was a scarcity of gold ore within the Umm al-Barak Shield. These discoveries embrace secondary copper carbonate minerals comparable to malachite and azurite. According to a report by Al Arabiya, the brand new discoveries might entice native and worldwide buyers that are anticipated to price as much as $533 million and will create 4000 jobs.
Opportunities can open for buyers in Saudi Arabia
Analysts say the brand new discoveries might enhance mining in Saudi Arabia and open up extra prospects for promising funding alternatives. Saudi Arabia ranks 18th on the earth as the biggest holder of gold and tops the Arab nations by way of its reserves. The discovery of gold and copper will likely be instrumental in the imaginative and prescient 2030 of the nation’s Crown Prince Mohammed bin Salman.
MBS desires to take away financial dependence on oil
MBS desires to exchange Saudi Arabia’s financial dependence on oil with different issues by 2030. Saudi Arabia’s Minister of Industry and Mineral Resources Khalid Al Mudefer reported in July that Saudi Arabia’s mining business noticed international funding of $8 billion final yr. He stated that international funding was elevated after the regulation was handed to advertise funding in mining. Saudi Arabia is anticipating funding of $170 billion within the mining sector by 2030.
