In a strategic move reflecting the rapid growth of the mining sector in Saudi Arabia, the Saudi Arabian Mining Company (Ma'aden) announced today, Monday, a significant milestone: the addition of 7.8 million ounces of mineral resources. This expansion, spanning four key locations including operational mines and new discoveries, reinforces the company's position as a cornerstone of the national economy.
Details of new discoveries and sites
The company explained in its statement published on the Saudi Stock Exchange (Tadawul) that intensive drilling activities successfully identified more than 9 million ounces of oil before the annual adjustments. The new resource additions were distributed as follows:
- Mansourah and Massarra mine: Recorded a remarkable net increase of 3 million ounces year-on-year, confirming the enormous potential of this strategic location.
- Wadi Al-Jaw: It contributed an initial addition of 3.08 million ounces, making it one of the most promising discoveries.
- The areas of Arouq 20/21 and Umm Al Salam: Together, the two areas added 1.67 million Ouguiya to the resources portfolio.
Ma’aden confirmed that these estimates were adopted by expert specialists in accordance with the Joint Commission on Resource Reserves Code (JORC 2012), which is the trusted global standard for reporting on exploration results and mineral resources.
Alignment with the Kingdom's Vision 2030
This announcement is not merely a digital achievement; it represents a pivotal step within the framework of the Kingdom's Vision 2030, which aims to establish the mining sector as the third pillar of Saudi industry, alongside oil and petrochemicals. The Kingdom is working diligently to exploit the resources of the Arabian Shield, a geologically rich region containing precious and base metals, to further diversify its sources of national income.
These discoveries reflect the success of the intensive exploration strategies adopted by the Kingdom to attract investments and maximize the added value of natural resources, which contributes to creating new job opportunities and developing the remote areas where these mines are located.
Promising future prospects for base metals
In addition to gold, advanced drilling operations have revealed very positive indications for other minerals vital to future industries. Initial drilling at Jabal Shaiban and Jabal Al Wakil has shown mineralization of copper, nickel, and platinum group metals. These metals are gaining increasing global importance due to their crucial role in clean energy technologies and electric vehicles, positioning Ma’aden to meet growing global demand.
In closing, the company noted that the financial impact of these discoveries has not yet been determined, emphasizing its commitment to transparency and disclosure of any material developments, while drilling work continues near the historic Mahd Adh Dhahab mine to extend its operational life and maximize its benefits.
