Saudi Arabia Hits JACKPOT: A Middle Eastern country, which possesses vast oil deposits - with the second-largest proven reserves globally - is about to become richer, but this time not because of oil. We are talking about Saudi Arabia, where researchers have confirmed the discovery of huge deposits of copper and gold near Medina -- the holy city of the Prophet of Islam.
As per Saudi Arabia's mining company Maden, gold deposits were discovered in Wadi Al Jaa and Jabal Shayban, areas adjacent to the Arabian Sea.
The survey stated that the precious yellow metal has been found in Wadi Al Jaa. The gold has been discovered in several areas at depths ranging from 20 to 200 meters. Maden is now planning to start the mining process to extract gold.
Excavations have been underway in Jabal Shayban area since the 1940s. This is the area where copper was discovered. A new mine (gold mine) has been discovered in Wadi Al Jaa, that has never been excavated before.
The gold discovered in Wadi Al Jaa is of a high grade. The mining company also found new high quality gold in Mansourah Masrah gold mine.
Saudi Arabia has immense reserves of black gold, which means oil. The Middle East country is the world's largest oil producer and also among the top oil exporters. Major Countries like India and China buy oil from Saudi Arabia.
The Middle East country has the world's second-largest oil reserves, holding approx 267 billion barrels. Most of this oil is found in its eastern regions.