Saudi Arabia to develop large Gold zone

Tuesday, February 26th 11:57 AM IST

Saudi Arabia to develop large Gold zone

# Saudi gold sales  # Maaden  # gold price  # KEFI  

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MGBM is developing a new gold zone in the Central Arabian Gold Region (CAGR) and also carries out an extensive precious and base metals exploration development program.

RIYADH(BullionStreet): Saudi Arabia's largest mining company, Ma'aden announced more plans to boost gold production in the kingdom.

Maaden, 50 percent of it's share was held by the Saudi government, said it's affiliate Ma'aden Gold and Base Metals Company (MGBM) has signed a contract for the establishment of Al-Dowaihi Plant for Gold Production with a South Korean company at a cost of more than SR 1 billion.

The plant will refine annually about two million tons of ore from Al-Dowaihi mine in the Makkah province scheduled to operate in 2015 and will produce on average 180,000 ounces of net gold annually, which is equivalent to 1.6 million ounces during the initial expected life of the mine.

The Ad Duwayhi Gold Mine Facility is a key part of Ma’aden’s program to develop several new gold mine facilities in the central western region of Saudi Arabia which contains much of the Kingdom’s gold rich ore deposits.

MGBM operates five gold mines in the Kingdom, which have produced more than 4 million ounces of gold since 1988. MGBM is developing a new gold zone in the Central Arabian Gold Region (CAGR) and also carries out an extensive precious and base metals exploration development program.

Mahd Al-Dahab Gold Mine in Madinah is one of the oldest mining sites in Saudi Arabia, with carbon dating of ancient slag indicating two separate periods of mining activity.

Analysts said the new move will help boost Saudi Arabia's gold production and will make a substantial contribution to Ma’aden’s overall gold production capacity.

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What's interesting is that the article refused to say when the slag is dated to the time of King Solomon in 1000 BCE! Why do they keep history hidden from the masses? Why do they hoard trillions of wealth to themselves and keep everyone else in poverty?