In December 2023, Saudi Arabia announced the discovery of a massive new gold mine along a 100 km stretch south of the Mansourah Massarah gold mine. This gold mine is located in the Al Khurmah province of the Makkah region.
The mining company Maaden reported that they have discovered multiple gold deposits, indicating a significant potential for expanding gold mining in the area. The Middle Eastern mining giant declared this as the first discovery in the company’s expanded exploration program initiated in 2022.
This gold mine contains over 200 tons of gold, valued at trillions of USD.
Samples collected show the presence of high-quality gold deposits at two random drilling sites located 400 meters from the Mansourah Massarah mine. The gold content per ton of earth is 10.4g and 20.6g, indicating the presence of premium gold at these sites.
Maaden has continued to expand its exploration efforts in Jabal al-Ghadara and Bir al-Tawila, located 25 km north of Mansourah Massarah. Combined, the area could potentially host a “gold belt” stretching up to 125 km.
Preliminary estimates suggest that these gold deposits contain over 200 tons of gold, valued at trillions of USD. According to Sina, this discovery is expected to significantly impact global gold prices.
“These discoveries have the potential to become the center of the next gold rush in the world and are an important part of our growth strategy. This is the first of many discoveries we expect to make in the coming years,” said Robert Wilt, CEO of Maaden.
With the development of the Mansourah Massarah gold mine in the near future, more gold is expected to be released into the market. This could have a significant effect on global gold prices.
This unexpected discovery also demonstrates the untapped potential of mineral resources in Saudi Arabia and the surrounding region. Based on these results, the wealthy oil nation also plans to enhance its drilling efforts around Mansourah Massarah to continue searching for resources.
The Mansourah Massarah mine is the largest and most technologically advanced gold mine in Saudi Arabia. It is currently being developed as a conventional open-pit mine. The plant utilizes carbon-in-leach and pressure oxidation processes as well as leaching technology to extract gold. The mine is equipped with high-tech and environmentally sustainable technologies for resource extraction and processing.
As of the end of 2023, Mansourah Massarah has nearly 7 million ounces of gold resources, with an annual production capacity of 250,000 ounces.
Considering the current resource reserves, the Mansourah Massarah gold mine produces 4.5% of the world’s gold output. The discovery of these “underground treasures” makes Saudi Arabia, already wealthy, even richer.
