Saudi Arabia has announced the discovery of huge gold and copper deposits in Medina. The latest discoveries are now anticipated to draw domestic and foreign investors, which will subsequently help the Kingdom’s economy grow.
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Recently, new locations for gold and copper ore reserves were discovered in the holy city of Medina, according to Saudi Arabia.
The Saudi Geological Survey announced on Twitter that gold ore has been found within the limits of Aba al-Raha, in the Medina region. According to officials, copper ore was also found at four locations in the Wadi Al-Faraa region of Medina’s Al-Madiq area.
“With our discoveries, we open up more prospects for promising investment opportunities to the world,” the kingdom’s geological survey wrote on social media.
According to Al Arabiya, the latest findings are now projected to draw local and foreign investors, contributing to the national economy’s development. Officials anticipate the newly discovered property to create $533 million in investment and 4,000 jobs.
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According to the outlet, the new discoveries will represent a significant leap for mining in the Kingdom and expand the potential for lucrative investment options.
According to Professor Abdulaziz bin Labon, the Saudi Geologists Cooperative Association’s chairman, Saudi Arabia is home to more than 5,300 mineral deposits, including a variety of metal and non-metal rocks, building materials, ornamental rocks, and gemstones.
One of the industries targeted for growth as part of Crown Prince Mohammed bin Salman’s Vision 2030 initiative is mining. The Crown Prince reportedly stated the country’s priority for the field of research and development back in June, according to Al Arabiya. Plans to bring $32 billion in investments to the mining industry were unveiled by the Ministry of Industry and Mineral Resources of the Kingdom in May.