Saudi Arabian Mining Company (Ma'aden) announced on the 12th that, through a series of new discoveries and targeted drilling, it has identified an additional 7.8 million ounces (approximately 242.6 tons) of gold resources across four areas within the Kingdom. This major discovery comes just two years after the company's 2024 announcement of a "125-kilometer super gold belt."
Ma'aden stated that current drilling has confirmed that the ore bodies remain "open" at depth, indicating significant potential for a further increase in the total resource estimate. According to reports, related exploration drilling activities are scheduled to continue through 2026.
In January 2024, Ma'aden announced the identification of a potential 125-kilometer-long "super gold belt" south of the existing Mansourah-Massarah gold mine. At that time, the company "expected" that 1.5 million ounces (approx. 46.6 tons) of resources could be converted into reserves, suggesting the mine possessed enormous potential to become a world-class gold belt.
Now, in January two years later (January 2026), the company reports that the total resource for this area has reached 116 million tons, with an average gold grade of 2.8 grams per ton, containing a total gold resource of 10.4 million ounces (approximately 323.5 tons).
Furthermore, the company has collectively discovered an additional 1.67 million ounces (approx. 51.9 tons) of gold resources in the Uruq and Um As Samim exploration areas. Gold resources were discovered for the first time in the Wadi Jau area, confirming a new find of 3.08 million ounces (approx. 95.8 tons).
The report also indicates that the company has achieved positive results in early-stage base metals exploration. Geologists have identified signs of mineralization for copper, nickel, and platinum group elements. The company stated these signs are consistent with large-scale mineral systems, suggesting Saudi Arabia has polymetallic development potential beyond just gold.
Will the discovery of hundreds of tons of gold resources in Saudi Arabia impact international gold prices? A chief analyst from a securities firm commented that gold fundamentals (supply) have a minimal impact on its price. The primary drivers of international gold prices revolve around expectations for the U.S. Federal Reserve's monetary policy (such as interest rate cuts) and global geopolitical safe-haven demand, essentially making it a tool to hedge against declining U.S. dollar credibility.
When the gold belt was first discovered, Zhan Dapeng, Director of Nonferrous Metals Research at Everbright Futures, remarked, "Current international gold prices are largely unaffected by supply-side factors. This discovery mainly signifies that 'Saudi Arabia has become even richer.'"
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