Ma'aden adds 7.8 million ounces of gold to its reserves: Details of the discoveries
In a strategic move reflecting the rapid growth of the mining sector in Saudi Arabia, the Saudi Arabian Mining Company (Ma’aden) announced a major achievement of adding 7.8 million ounces of gold resources, distributed across four main sites including operational mines and promising discovery areas.
The company explained in an official statement published on the Saudi Stock Exchange website “Tadawul”, that this expansion in the resource base came as a result of intensive and successful drilling activities, where more than 9 million ounces were identified initially, before the figure was revised to 7.8 million ounces after applying precise criteria related to costs and annual price assumptions.
Details of discoveries and targeted sites
Detailed data revealed that drilling operations achieved exceptional results at the targeted sites, with the Mansoura and Masarra mine leading the way with a net increase of 3.0 million ounces year-on-year. The Arouq 20/21 and Oum Salam areas contributed an additional 1.67 million ounces, while the Wadi El Jaw area recorded a strong entry with an initial addition of 3.08 million ounces in mineral resources.
These updated estimates have been approved by independent experts in accordance with the Joint Commission on Resource Reserves (JORC 2012) Code, the trusted Australian global standard for reporting on exploration and mineral resource results, enhancing the credibility of this data with international investors and institutions.
Strategic context: Mining is the third pillar of industry
This announcement comes at a time when the Kingdom is witnessing unprecedented activity in the mining sector, in line with Saudi Vision 2030, which aims to make mining the third pillar of national industry alongside oil and petrochemicals. The Kingdom is working to exploit the resources untapped in the Arabian Shield, a geological region rich in precious and base metals.
Recent official estimates indicate that the value of mineral wealth in the Kingdom has risen to exceed 9.4 trillion riyals ($2.5 trillion), highlighting the economic importance of these discoveries in diversifying national income sources and attracting foreign direct investment to the sector.
Future prospects and base metals
Ma’aden’s efforts were not limited to gold; the company also indicated promising signs in base metal exploration projects. Initial drilling at Jabal Shaiban and Jabal Al Wakil revealed mineralization of copper, nickel, and platinum group metals. These metals are gaining increasing geopolitical and economic importance globally, given their vital role in future industries and clean energy technologies.
In closing, Ma’aden affirmed its commitment to transparency and continuous disclosure of any material developments, noting that the financial impact of these discoveries will be assessed and determined in the coming periods, which bodes well for the future of the company, its shareholders, and the Saudi economy as a whole.
