Oil rich Saudi Arabia strikes gold at four locations; Total estimated volume is in millions

New Delhi: New gold reserves have been discovered in four locations across Saudi Arabia. This discovery has added more than 7 million ounces of gold to Saudi Arabia’s known reserves. Significantly, this gold reserve will further strengthen Riyadh economically, a country already wealthy from oil sales. Saudi Arabia’s state-owned mining company, Ma’aden, announced the discovery on the social media platform X on January 12. The company stated that it has conducted a massive exploration program in the Kingdom, the largest such campaign ever undertaken in a single country.

Ma’aden posts on X

The company said that its latest campaign has yielded a total of 7.8 million ounces (221126.2804 kg) of gold resources. The company wrote, “Today, we have contributed more than 7 million ounces to the reported gold resources of KSA across our four strategic assets.” According to an Arabian Business report, the reserves were discovered through drilling at four locations. The largest reserve was found in Wadi Al Jaw, where an estimated 3.8 million ounces of gold were discovered.

How much gold discovered at each location?

Wadi Al Jaw: 3.8 million ounces

Mansourah: 3 million ounces

Uruq and Umm Assalam: 1.67 million ounces

How much is an ounce?

An ounce is a standard unit for measuring precious metals like gold. One ounce is equal to 31.10 grams. However, in India(BHARAT), gold is usually traded in grams. The state-owned company Ma’aden stated that advanced drilling was conducted in the Arabian Gold Area, identifying new zones. Additionally, drilling near the country’s historic Mahd gold mine has expanded the scope of potential resources. Ma’aden CEO Bob Will said that the results demonstrate that the company’s long-term strategy is yielding solid results.

MBS’s Vision 2030

Saudi Arabia is investing heavily in regional mining. This is part of Saudi Crown Prince Mohammed bin Salman’s Vision 2030 plan, which aims to diversify the oil-dependent economy. Vision 2030 positions mineral extraction as a fundamental pillar for economic resilience, aiming to contribute 120 billion Saudi riyals annually to the GDP. This represents a significant shift from the country’s traditional revenue model, where oil revenues account for 90 per cent of government income.