Massive Gold and Copper Reserves Found in Saudi Arabia's Madina Region Unveiled
In a significant development for the Kingdom of Saudi Arabia, new sites for gold and copper ore deposits have been discovered in Medina, marking a potential qualitative leap for the country's mining sector. This announcement aligns with the Saudi government's active plans to invest in the mining sector, as part of its broader economic diversification strategy beyond oil.
The Crown Prince announced these ambitious plans in June, with the Kingdom's Ministry of Industry and Mineral Resources aiming to attract $32 billion of investment into the mining sector. The anticipated investment for the new site in Medina stands at $533 million, and it is expected to create around 4,000 jobs.
The mining sector is one of the fields recognized for development as part of the Vision 2030 goal, which seeks to transform Saudi Arabia's economy. The kingdom boasts over 5,300 mineral areas, including steel, non-metal rocks, building materials, ornamental rocks, and gems.
The new discoveries at Pampa Medina, a high-grade sediment-hosted copper deposit, are expected to contribute significantly to the development of the Kingdom's economy. This deposit, known for its chalcopyrite, bornite, and oxide copper minerals, will bolster copper and gold production, contributing to export revenues, strengthening downstream industries, and providing regional employment.
The enhanced mining activity around Medina could also stimulate infrastructure development, logistics, and associated sectors. This aligns with Saudi Arabia’s efforts to expand its ports and trade routes, as well as regional economic growth.
These discoveries have opened up promising investment opportunities for exploration and mining companies, infrastructure investors, and global and regional investors seeking a stable supply of copper and gold from a geopolitically strategic location. Companies can invest in further drilling, resource delineation, and mine development at Pampa Medina and surrounding tenements.
Infrastructure investments in transport, processing plants, and export facilities to support efficient ore handling and value-added metal production are also potential areas for investment. Furthermore, investors can participate in economic diversification initiatives by Saudi Arabia, which are aimed at building mineral processing and export capacity, supported by government plans for “economic cities” and expanding ports like Jeddah and King Abdullah Economic City.
While specific financial forecasts for the Medina discoveries are not yet publicly detailed, the combination of high-grade mineral resources with Saudi Arabia’s strategic economic plans suggests substantial opportunity for growth, investment, and integration into global mineral markets.
The Saudi Geologists Cooperative Organization, chaired by Professor Abdulaziz bin Labon, announced these discoveries on social media, stating they open up more opportunities for investment. The gold ore was discovered within the boundaries of Aba al-Raha, and copper ore was discovered at four sites in Al-Madiq.
These discoveries are expected to attract local and international investors, boosting Saudi Arabia’s mining sector growth, increasing exports, and creating new infrastructure and job opportunities. The region thus becomes attractive for mining and infrastructure investors aligned with the kingdom’s diversification goals.
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