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A Saudi mine produces 250,000 ounces of gold and silver

The Mansoura and Masarah gold mine project in the Al-Khurmah Governorate in the Makkah region, which is expected to be fully operational in mid-2022, is one of the Kingdom’s most important gold mining projects, with a production capacity of 250 thousand ounces of gold and silver and a total project cost of about 880 million dollars (3.3 billion riyals).

The mine’s development phase employs more than 4,500 people, with a 20 percent localization rate. The overall number of workers in the operational phase reaches 900, with a localization rate of up to 49%. It’s now in use in five different countries.

Eng. Khalid bin Saleh Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, stated that the Ministry of Industry and Mineral Resources wants to maximize the benefits from the mining industry.

It also seeks to fulfill its major objectives, which include diversifying national sources of income, growing non-oil revenues, contributing to the domestic product, and establishing a comprehensive mining and metal industries plan in line with the Kingdom’s vision 2030.

He went on to say that the Kingdom’s regions are rich in the mineral wealth of all kinds, with a value estimated at around five trillion riyals, indicating that the mining and metallurgical industries sector will become the third pillar in Saudi industry by 2030 and that it will indeed become the largest enabler in the future.

He explained that work on several tracks has begun to support the mining sector’s transformation by launching some initiatives centered on such pillars as providing geological data and speeding up the exploration process, facilitating investment and developing the regulatory environment, ensuring the sector’s sustainability and financing, and developing the value chain.

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