February 23, 2024

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Saudi mining firm Maaden finds new gold deposits

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Samples taken indicated the presence of excessive grade gold deposits of 10.4 grams per tonne (g/t) gold and 20.6 g/t gold in two random drilling websites 400 meters from and below Mansourah Massarah, which means a excessive density of gold was discovered within the ore examined from these places.

In gentle of those outcomes, Maaden deliberate an ‘aggressive escalation of deliberate drilling actions’ in 2024 round Mansourah Massarah, in accordance with firm paperwork.

Maaden’s CEO Robert Wilt advised Reuters in October that the corporate deliberate to double its gold and phosphate manufacturing.

Mansourah Massarah had gold sources of virtually seven million ounces at year-end 2023 and nameplate manufacturing capability of 250,000 ounces a yr, in accordance with the assertion. Maaden is 67 p.c owned by the Public Funding Fund (PIF), the Kingdom’s $700 billion sovereign wealth fund, and the most important miner within the Gulf. In January 2023, it introduced Manara Minerals, a three way partnership with PIF to spend money on mining belongings overseas.

Its growth is a part of bigger push to wean Saudi Arabia off of oil dependency below the auspices of Crown Prince Mohammed bin Salman’s Imaginative and prescient 2030 program.

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