(CTN News) – The Saudi Arabian Mining Company (Maaden) has recently announced significant discoveries of gold deposits in the southern region of its Mansourah Massarah gold mine.
These findings were a result of an exploration program launched in 2022 and covered a 100-kilometer strip. Samples taken from two random drilling sites near Mansourah Massarah have revealed the presence of high-grade gold deposits, with concentrations of 10.4 grams per tonne (g/t) and 20.6 g/t.
As a result of these discoveries, Maaden plans to intensify its drilling activities in the area in 2024.
Maaden’s CEO, Robert Wilt, has previously stated the company’s intention to double its gold and phosphate production.
The Mansourah Massarah mine currently has gold resources of nearly seven million ounces and a production capacity of 250,000 ounces per year.
Maaden, which is majority-owned by the Public Investment Fund (PIF), is the largest mining company in the Gulf and is actively working towards diversifying Saudi Arabia’s economy away from oil dependence as part of the Vision 2030 program led by Crown Prince Mohammed Bin Salman.
Despite facing challenges due to declining global prices for aluminum and phosphates, Maaden remains committed to its expansion plans.
In the third quarter of last year, the company reported a loss of 83.4 million riyals ($22.24 million), compared to a profit of 2.1 billion riyals in the previous year.
However, the recent gold discoveries provide a promising opportunity for Maaden to boost its profitability and contribute to the diversification of Saudi Arabia’s economy.