Saudi Arabia: New copper-gold deposit discovered in the Medina area
2022 10/09
Saudi Arabia recently announced the discovery of new copper and gold deposits in the Medina region. The Mineral Exploration Center of the Saudi Geological Survey said the new gold deposit is located in the Aba-Ali-Raha area of Medina, and the copper mine is located in Ali-Majik area of Medina.
New copper and gold discoveries are set to attract international and local investment for development, with plans to attract $533 million in investment and create about 4,000 jobs, helping boost Saudi Arabia's mining industry.
This new discovery and subsequent development plans are in line with Vision 2030 promulgated by Crown Prince Mohammed bin Salman; The plan's main goal is to steer the country toward a diversified post-oil economy.
In July, Saudi Arabia's minister of energy, Industry and Mineral Resources said the country's mining sector attracted more than $8 billion in foreign direct investment last year and expected to attract $170 billion by 2030.