Saudi mining company discovers gold

Saudi Arabian Mining Company (Ma’aden) has discovered multiple gold deposits south of its existing Mansourah-Massarah gold mine in the central region of the Middle Eastern country, indicating the potential for expansion, reported Reuters.

Ma’aden said that the finds, along a 100-kilometer (62-mile) strip, were the first from an exploration program launched in 2022. Samples taken indicated the presence of high grade gold deposits of 10.4 grams per tonne and 20.6 g/t gold in two random drilling sites 400 meters from and under Mansourah-Massarah.

In light of these results, Maaden plans an “aggressive escalation of planned drilling activities” in 2024 around Mansourah-Massarah, noted the news agency.

Ma’aden’s CEO Robert Wilt told Reuters in October that the company planned to double its gold and phosphate production. Mansourah-Massarah had gold resources of almost 7 million ounces at year-end 2023 and nameplate production capacity of 250,000 ounces a year.

Ma’aden is 67% owned by the Public Investment Fund, the kingdom’s $700 billion sovereign wealth fund, and the largest miner in the Gulf. In January 2023, it announced Manara Minerals, a joint venture with PIF to invest in mining assets abroad.

Source: Reuters

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