Saudi Arabia announced the discovery of new sites for gold and copper deposits in the holy city of Madina.
In a Twitter post, the Saudi Geological Survey informed that the discoveries of gold ore were within the boundaries of Aba al-Raha, in the Madina region. Copper ore was also discovered at four sites in the Al-Madiq area in the Wadi Al-Faraa region in Madina, officials said.
“With our discoveries, we open up more prospects for promising investment opportunities to the world,” the kingdom’s geological survey wrote on social media.
— هيئة المساحة الجيولوجية السعودية (@SgsOrgSa) September 15, 2022
According to a report by Al Arabiya, the new discoveries are now expected to attract local and international investors and in turn, contribute to the development of the national economy. Officials believe that the newly discovered site has an expected investment of $533 million, and is also expected to generate around 4,000 jobs.
The new discoveries will constitute a qualitative leap for mining in the Kingdom, and open up more prospects for promising investment opportunities, analysts said, as per the outlet.