Skip to content Skip to Search
Skip navigation

Maaden discovers ‘significant’ gold reserves in Saudi Arabia

Maaden's potential gold discovery, along a 100 km stretch, was the first under an extensive exploration programme launched in 2022 Maaden
Maaden's potential gold discovery, along a 100 km stretch, was the first under an extensive exploration programme launched in 2022

Maaden, Saudi Arabia’s flagship mining company, has discovered “significant” gold resource potential south of the existing Mansourah Massarah gold mine.

The potential find, along a 100 km stretch, was the first under an extensive exploration programme launched in 2022, the company said in a statement.

Samples showed the presence of high-grade gold deposits of 10.4 grams per tonne and 20.6 grams per tonne in two random drilling sites 400 metres from and under Mansourah Massarah, indicating a high density of gold was found in the ore tested from those locations.

In addition, Maaden continued its exploration at the Jabal Ghadarah and Bir Tawilah prospects, 25km north of Mansourah Massarah, which have a potential 1.5 million ounces of yellow metal.

“These positive drilling results have identified a potentially 125 km strike with significant potential to become a major gold belt in Saudi Arabia,” the company said.

Mansourah Massarah’s gold resources stood at almost seven million ounces by the end of 2023, with a yearly nameplate production capacity of 250,000 ounces.

“Last year, Maaden embarked on one of the largest exploration programmes in the world. These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the country’s diversification in line with Vision 2030,” said CEO Robert Wilt.

“These discoveries have the potential to be the centre of the world’s next gold rush and are a strong part of our growth strategy. The Arabian Shield has enormous potential for more world-class discoveries, and this is the first of many we expect to make in the coming years.”

Maaden posted a net loss of SAR83 million ($22.1 million) for the third quarter of 2023, compared with a profit of more than SAR2 billion a year earlier.

The mining company is 67 percent owned by the Public Investment Fund, the kingdom’s sovereign wealth fund. It operates 17 mines and exports to more than 30 countries.

Latest articles

In a concession to the electorate, the legislation before parliament proposes a 25 percent increase in the payment to pensioners on the lowest rate of support

Turkey targets business with steep taxes to raise revenue

Multinational corporations operating in Turkey face a steep increase in their tax bills, thanks to one of the new revenue-raising measures outlined by the government in draft legislation aimed at narrowing the budget deficit. Under the new tax reforms, tabled before the parliament on July 16, multinationals with more than $817.6 million in annual consolidated […]

Saudi growth forecast

IMF lowers Saudi growth forecast over oil output cuts

The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy.  In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […]

People, Person, Groupshot APQ CEO Ebubekir Koyuncu (sitting left) and Aramco acting senior vice president of new business development Mohanad M Alamdar at the signing ceremony

Saudi Aramco bolsters blue hydrogen portfolio 

Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen.  The remaining 50 percent will be owned by APQ, […]

Egypt's SCA is seeking revenue of $9 billion from the Suez Canal operation in 2024/2025, 25 percent more than the previous year

Egypt to float Suez Canal subsidiary next year

Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […]