Gold and Minerals Ltd. Co. has signed a strategic partnership agreement with Ajlan and Bros Mining Co., to develop an integrated project for the exploration, extraction, and processing of gold in the Al-Duwaihi Belt (ND26). This collaboration comes in line with the national strategy to expand investments in the mining sector, enhance its contribution to economic diversification, and ensure the optimal utilization of the Kingdom’s mineral resources.
The agreement was signed at the Ajlan and Bros Holding Group head office by Chairman of Ajlan and Bros Group Ajlan bin Abdulaziz Alajlan and Chairman of the GMCO Sulaiman bin Abdulrahman Al-Rashed.
The project is considered one of the promising sites in the ninth round of mining license offerings launched by the Ministry of Industry and Mineral Resources. It is located south of the Al-Duwaihi Mine, covering an area of approximately 74.96 square km. Initial estimates indicate that the total investment value will reach approximately $300 million, with the final figure to be announced upon completion of exploration and prospecting activities.
Geological data, supported by previous exploration results within the Al-Duwaihi Belt, indicate a mineralized formation extending over 3.4 km. Preliminary resource estimates range between 400,000 and 1.5 million ounces of gold, reflecting the site’s promising geological potential and supporting its development as a fully integrated mining project. The project is also expected to create approximately 1,200 direct and indirect job opportunities and will implement initiatives aimed at surrounding communities, thereby supporting the sustainability of its developmental impact.
The project is considered one of the successful outcomes and objectives of Saudi Vision 2030 under the umbrella of the Mining Strategy, as it will contribute to increasing GDP, advancing community development, and improving the trade balance.
