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Saudi Arabian Mining Company (Maaden), the biggest miner in the GCC, has announced the discovery of recoverable gold and copper in the exploration areas of the Shayban in the Arabian Shield.
The assays done so far indicate wide intersections of gold mineralization at Wadi Al Jaww and gold and copper mineralisation at Jabal Shayban, the company said. Mineralization at both sites occurs at shallow depths ranging from 20 to 200 meters, with the mineralization extending deeper and in all directions.
Maaden, backed by the Saudi sovereign wealth fund PIF, said it does not yet have enough information to estimate the size and quality of the resource.
The Tadawul listed company, which operates 17 mines and aims to grow tenfold by 2040, said the financial impact of this discovery has not yet been determined.
The company mainly mines gold, phosphate rock, bauxite, low-grade bauxite, kaolin and magnesite. In late 2023 it announced the discovery of significant gold resource along a 100 milometer stretch in the existing Mansourah Massarah gold mine. CEO Robert Wilt had then said the Arabian Shield has enormous potential for more discoveries.
(Writing by Brinda Darasha; editing by Seban Scaria)
