Gold Reserves in Saudi Arabia

Saudi Arabia is a nation famend for its big oil reserves, nevertheless it additionally boasts sizable gold deposits. The famed Gold Mountains, also referred to as Mahd Al-Dhahab, which have been a supply of prosperity for the nation for ages, are one of many websites the place the dominion’s gold treasures are dispersed.

Historical past of Gold Mining in Saudi Arabia

Up to now, the Egyptians mined gold from the Purple Sea shore, starting the historical past of gold mining in Saudi Arabia. The realm that’s now Saudi Arabia was famend for its gold deposits, and gold mining was a outstanding enterprise within the space all through the Ottoman Empire.

The Arabian American Oil Company (ARAMCO) began investigating the dominion’s potential for oil within the early twentieth century. The main target throughout this time interval modified from gold mining to grease prospecting. But within the Eighties, the Saudi Arabian authorities took motion to resurrect the nation’s gold mining sector.

Gold Reserves in Saudi Arabia

Saudi Arabia holds the Seventeenth-largest quantity of gold reserves on the earth, with an estimated 323.5 tonnes of reserves. Preserving the gold reserves is the accountability of the Saudi Arabian Financial Authority (SAMA), which acts because the nation’s central financial institution.

Gold bars and cash are solely a few the a number of ways in which SAMA retains its gold reserves. Gold bars owned by SAMA are usually 400 ounce bars, whereas gold cash are generally in denominations of 1 ounce and 1/2 ounce.

Gold Mining in Saudi Arabia

The Mahd Al-Dhahab space, typically known as the “Cradle of Gold,” is the place most of Saudi Arabia’s gold mining takes place. The Mahd Al-Dhahab mine, one of many world’s oldest gold mines, is located within the nation’s western area.

Geologists initially recognized the Mahd Al-Dhahab mine within the Nineteen Thirties, and the Saudi Arabian authorities gave American company Bechtel mining licences in 1939. Nonetheless, the mine has been managed by the Saudi Arabian Mining Firm (Ma’aden) since 1967, when it was designated a state asset.

One of many greatest gold mines on the earth, the Mahd Al-Dhahab mine is assumed to have a gold useful resource of over 4 million ounces. Averaging 180,000 ounces of gold and 600,000 ounces of silver every year, the mine produces each gold and silver.

Gold Mountains in Saudi Arabia

The Gold Mountains, also referred to as Mahd Al-Dhahab, are a gaggle of hills in western Saudi Arabia, near Medina. Wealthy gold reserves within the hills have been mined for a few years and are properly recognised for them.

The traditional gold mines of the Kingdom of Sheba are allegedly situated within the Gold Mountains. It was visited by King Solomon and the Queen of Sheba within the Bible. A number of sources declare that the Solomonic Temple in Jerusalem was embellished with gold from these mines.

Important gold mining has taken place within the Gold Mountains lately, with the largest and most well-known mine being the Mahd Al-Dhahab mine. Ma’aden runs the Mahd Al-Dhahab mine, which is located within the centre of the Gold Mountains.

Different Gold Deposits in Saudi Arabia

Aside from the Gold Mountains, Saudi Arabia has seen the invention of a number of extra gold sources.

One in all these is the Al Amar mine, which is situated within the Ar Riyadh province. The Bulghah mine, situated within the Al Madinah province, is an extra.

Round 1 million ounces of gold are considered within the Al Amar mine’s reserve, whereas 1.4 million ounces are considered within the Bulghah mine’s reserve. Each mines are beneath Ma’aden’s administration.

A couple of additional minor gold discoveries could also be discovered all throughout the nation, together with within the Jap Province and the Northern Border District.

These deposits are sometimes smaller than the Mahd Al-Dhahab mine and different vital gold discoveries within the nation.

Saudi Arabia’s gold mining business’s future

The mining sector in Saudi Arabia, which incorporates the gold mining sector, has made measures to develop.

The federal government launched a brand new mining coverage in 2019 with the intention of accelerating mining’s contribution to the GDP of the nation.

The brand new mining technique goals to spice up output of gold and different minerals whereas additionally luring in additional overseas capital for the mining business. A brand new regulatory framework for the mining business has additionally been proposed by the federal government, and it’s anticipated that this may give traders extra certainty and transparency.

Saudi Arabia is taking a look at further potential within the mining enterprise along with fostering the expansion of the gold mining business. Different minerals, comparable to copper, zinc, and phosphate, have sizable deposits within the nation, and these sources are additionally being developed by the federal government.

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