Saudi Arabia discovers huge gold, copper deposits in Medina

Riyadh, Sep 23: Saudi Arabia has announced the discovery of new sites for gold and copper ore deposits in the holy city of Medina. Copper ore was also found across four sites in the Al-Madiq area in the same region.

The Saudi Geological Survey (SGS), said that the discoveries of gold deposits were done within the boundaries of the Aba Al-Raha in the Medina region, Saudi Press Agency (SPA) reported.

"With our discoveries, we open up more prospects for promising investment opportunities to the world," tweeted Saudi Geological Survey.

The discoveries of gold and copper are expected to help the country move past its economic dependence besides attracting investment up to $533 million. This will also generate around 4,000 jobs, reported Al Arabiya.

The new discoveries will constitute a qualitative leap for mining in the Kingdom, and open up more prospects for promising investment opportunities, analysts said, as per the report.