Beyond the Barrel: Saudi Arabia Strikes 7-Million-Ounce Gold Vein in Pivot From Oil

Saudi Arabia’s state-backed miner Ma’aden expanded its gold resource base by 7.8 million ounces through new discoveries and drilling across four regions, led by a 3M‑ounce increase at Mansourah Massarah.

Multi-Commodity Potential in the Arabian Shield

The Saudi Arabian Mining Company has reported a significant expansion of its gold resource base after adding more than 7 million ounces through new discoveries and targeted drilling across the kingdom. The state-backed miner, also known as Ma’aden, said total resource additions reached 7.8 million ounces across four key regions, spanning active operations, early-stage prospects and discoveries.

According to a report, the growth was driven by exploration programs that initially identified more than 9 million ounces before adjustments for higher costs and revised commodity price assumptions. At the flagship Mansourah Massarah operation, resources recorded a net increase of 3 million ounces year-over-year. The Uruq 20 and Umm As Salam prospects added a combined 1.67 million ounces, while the Wadi Al Jaww site contributed a maiden mineral resource of 3.08 million ounces.

Read more: New Saudi Discovery Reveals 11 Million Tonnes of Copper, Zinc, Gold, and Silver

Ma’aden Chief Executive Bob Wilt said the results validate the company’s long-term exploration strategy.

“The results leave no doubt that the company’s long-term strategy is working on the ground. This is exactly why we continue to invest heavily in Saudi Arabia’s gold endowment,” Wilt said. “Our assets are growing, and that growth directly supports future cash generation.”

The company also reported encouraging initial results from base metals exploration at Jabal Shayban and Jabal Al Wakil. Drilling identified copper, nickel and platinum group elements, pointing to broader multi-commodity potential across the Arabian Shield.

The discovery serves as proof of concept for Saudi Arabia’s Vision 2030, a national initiative designed to decouple the kingdom’s economy from its historical dependence on hydrocarbons. By establishing mining as the “third pillar” of the Saudi economy alongside oil and petrochemicals, the government aims to insulate the national budget from the volatility of global energy markets.

The addition of nearly 8 million ounces of gold provides a tangible, non-oil revenue stream that contributes directly to the national goal of increasing the mining sector’s GDP contribution to $75 billion by 2030. Furthermore, the expansion of the Mansourah Massarah mine demonstrates that the kingdom possesses the geological grade and scale necessary to attract foreign investment and develop a world-class industrial sector.

Beyond the immediate value of the bullion, these discoveries validate the massive capital expenditures the kingdom has poured into geological mapping and infrastructure. By proving that the Arabian Shield contains diverse mineral systems, including copper and nickel essential for the global energy transition, Ma’aden is positioning Saudi Arabia as a vital player in the future of global supply chains, far beyond the petrol pump.

FAQ ❓

• Where were the new gold resources found in Saudi Arabia? Discoveries span Mansourah Massarah, Uruq 20, Umm As Salam, and Wadi Al Jaww.
• How much gold did Ma’aden add to its resource base? The company reported 7.8 million ounces added across four regions.
• Why is this expansion important for Saudi Arabia’s economy? It supports Vision 2030 by making mining the “third pillar” beyond oil and petrochemicals.
• What other minerals were identified in the Arabian Shield? Early drilling revealed copper, nickel, and platinum group elements with global supply chain potential.