Saudi announces discovery of deposits of gold, copper; around 4,000 jobs expected to be generated

RIYADH: Saudi Arabia has announced the discovery of huge deposits of gold and copper in Medina.

As per the Saudi Geological Survey, gold deposits were found at the border of Aba-al-Raha in Madinah and copper deposits were found in four places in Wadi-al-Faraa in Madinah. "With our discoveries, we open up more prospects for promising investment opportunities to the world," Saudi's geological survey wrote on social media.

It is estimated that the new discovery will help attract local and international investors and there will be a boom in the mining sector, thereby increasing the country's economy.

Saudi Arabia announces new discovery of gold and copper ore in Madinah#WamNews https://t.co/RbMbVTko4e pic.twitter.com/ZA8P7gas0P

— WAM English (@WAMNEWS_ENG) September 16, 2022

An investment of $533 million (Rs. 43,10,02,45,500) is expected from the new discovery. Around 4,000 jobs are also expected to be generated. There are more than 5,300 mineral centres in Saudi Arabia. According to Saudi Crown Prince Mohammed bin Salman's Vision 2030, mining is one of the sectors that has been identified for expansion. The Ministry of Industries and Mineral Resources has prepared plans to attract investment of $32 billion to the mining sector.