Ma'aden, State-Owned Mining Company,
Confirms Additional 7.8 Million Ounces (221 Tons) of Gold Reserves
A large-scale additional gold reserve has been discovered in Saudi Arabia, the world's largest oil producer.
According to Mining.com and other sources on January 12 (local time), Ma’aden, a subsidiary of the Saudi sovereign wealth fund Public Investment Fund (PIF) and a state-owned mining company, announced that it had newly detected gold reserves totaling 7.8 million ounces (221 tons) across four major regions, including operating mines and early-stage discovery sites. The regions where additional gold reserves have been identified are Mansourah Massarah, Uruk 20/21, Umm Ash Salam, and Wadi Al Jaw.
Among these, the reserves at the Mansourah Massarah mine increased by 3 million ounces compared to the previous year. The current reserves at the Mansourah Massarah mine amount to 116 million tons with a gold content of 2.8 grams per ton, totaling 10.4 million ounces (294 tons). An additional 1.6 million ounces were discovered in the Uruk and Umm Ash Salam regions, while 3.08 million ounces of reserves were confirmed for the first time in the Wadi Al Jaw region. Furthermore, a new gold vein was discovered in the northern Ararjum region.
Ma’aden emphasized that these results demonstrate the company’s swift and systematic efforts in building a leading gold growth pipeline for the Kingdom of Saudi Arabia. Ma’aden CEO Bob Wilt stated that the reason for the company’s continued massive investment in gold mine drilling and development lies in these outcomes.
The company noted that, based on drilling results to date, there is a high possibility of continued discovery of additional reserves in the deeper sections of the Mansourah Massarah mine. Ma’aden considers the development of mineral resources, including gold, as a key pillar of Saudi Arabia’s ‘Vision 2030’ and plans to continue drilling and exploration activities through 2026.
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