Saudi mining firm Ma’aden announces gold discovery

Saudi Arabia announced new gold discoveries on Thursday, further demonstrating the potentially important role mineral mining can play in the kingdom’s economic transition.

The Saudi Arabian Mining Company (Ma’aden) said it discovered several gold deposits along a 100-kilometer- (62-mile) stretch near the Mansourah Massarah gold mine located in central Saudi Arabia. Two random sample drills completed at the site showed high grade gold deposits of 10.4 grams per ton (g/t) and 20.6 g/t of gold. The discovery constitutes the “first significant finds” of the exploration program Ma’aden launched in 2022, the company said in a press release.

“These discoveries have the potential to be the center of the world’s next gold rush and are a strong part of our growth strategy,” said CEO Robert Wilt in the release.

The Saudi Public Investment Fund owns 67% of Ma’aden.