Saudi Arabia to excavate 500,000oz of gold

Saudi Arabian Mining Company (Maaden) is planning to excavate 500,000oz of gold across the Kingdom, including in Madinah region, announced its president and CEO Khalid Al-Mudaifer at the Mining Investment Opportunities Forum here on Tuesday. (Shutterstock)

Saudi Arabian Mining Company (Maaden) is planning to excavate 500,000oz of gold across the Kingdom, including in Madinah region, announced its president and CEO Khalid Al-Mudaifer at the Mining Investment Opportunities Forum here on Tuesday.

He said Maaden is also considering introducing downstream operations to the Madinah region.

“In other parts of the Kingdom, we are moving beyond upstream to successfully develop every mineral in the value chain. What will distinguish our operations in the future is the progression of our strategies from evaluating known mineral sources to discovering new mineral resources,” Al-Mudaifer said.

“Our main priority now is to maintain a high level of safety and security, and to maximise the value of our current gold mining operations at Mahad Al-Dahab and Bulgah, and our magnesite processing operations at Madinah Industrial City.”

Dr. Abdullah Al-Attas, Assistant President of the Saudi Geological Survey (SGS), said the government of Saudi Arabia has invested a substantial amount of money in the mining industry to prepare the groundwork for mining operations in the country. The Kingdom’s two enormous industrial mineral complexes testify to that.

“The government has also built more than 600 km of railroad to carry minerals from the country’s northern center to an industrial mineral complex in the Arabian Gulf, and provides the gas and water needed to support the mineral industry. It is clear that the government is investing heavily in a profitable future.”

Dr. Mohamed Faraj, Chairman of the Board of the Madinah Chamber of Commerce & Industry, delivered the keynote, trumpeting the opportunities for investment in the Madinah region and discussing the factors that drive industrial material mining in Madinah.

 

This article was first published in the Saudi Gazette on June 4, 2014.

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Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42
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