Saudi Arabia announces discovery of gold, copper deposits in Madina

Published on Sep 23, 2022 11:33 AM IST

Saudi Arabia: The discoveries of gold deposits were done within the boundaries of the Aba Al-Raha in the Madinah region.

Saudi Arabia: The discoveries of gold and copper are expected to attract investment.(Representational)
Saudi Arabia: The discoveries of gold and copper are expected to attract investment.(Representational)

Saudi Arabia announced the discovery of new sites for gold and copper ore deposits in the Madinah region earlier this week.

The Saudi Geological Survey (SGS), represented by the Survey and Mineral Exploration Centre said that the discoveries of gold deposits were done within the boundaries of the Aba Al-Raha in the Madinah region, Saudi Press Agency (SPA) reported.

Additionally copper ore was also found across four sites in the Al-Madiq area in the same region, the report said.

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The discoveries of gold and copper are expected to attract investment up to $533 million and generate around 4,000 jobs, reported Al Arabiya while helping the country to move past its economic dependence on oil.

Saudi Arabia said earlier this year that the country was looking to attract $170 billion worth of investment in its mining sector by the end of the decade. However, the pace of mine development and exploitation has been slow, Al Arabiya said in its report.

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