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Home PRESS RELEASE Industry Tendency Saudi Arabia Billionaire Discovers Big Gold Mine

Saudi Arabia Billionaire Discovers Big Gold Mine

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Saudi Arabia Billionaire Discovers Big Gold Mine

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It is reported that, National Mining Corp, which is held by Mohammed Al-Amoudi, a billionaire in Saudi Arabia, has found a rich gold mine in the south of Ethiopia. The annual output of gold might be reached 10 tons.

Melaku Beza, the CEO of National Mining Corp said that, according to their fifteen-year experience in exploration, Oromia area in the south of Ethiopia has more than 550 tons gold mine reverses, of which 73tons can be explored in the next 24 months. He said that USD150 million will be invested in the primary production stage.

Midroc Gold, the only precious metal manufacturer in Ethiopia, is also held by Amoudi. He aims at developing the gold mine in Legedembi area by establishing this company. Beza said, this gold mine is located to the north of Okote about 100 thousands meters away, and its gold mine output is about 4 tons. When its output capacity reaches the peak, it needed 5000 workers here and brings more than USD 500 million annually; the gold output reached 10 tons.

 

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