A gigantic mining town is emerging in Saudi Arabia
The motives are obvious. Saudi Arabia wants to build an economy that is not dependent on oil and state subsidies. One wants to get away from hydrocarbons. Unused mineral resources are estimated at five trillion rials. These unused reserves in the form of bauxite (the source of aluminium), phosphorus, copper and gold are now to be tapped. The energy source uranium is also on the Saudi list. Not without reason.
Nuclear power is making a comeback. 71 nuclear reactors are currently under construction in 12 countries, and hundreds more are currently in the planning or project phase. One company that has already prepared for the uranium boom is Uranium Energy - https://www.commodity-tv.net/c/search_adv/?v=298723. Uranium Energy is on the right track with advanced projects and some already approved projects (in Texas and Wyoming, Colorado, New Mexico and Paraguay) and a treatment plant in Texas.
Saudi Arabia will pay 22.7 billion US dollars for the gigantic mining city. The establishment of the city of Waad Al Shamaal and its mining complex will also create some 10,000 jobs. Construction work on the megaproject began in 2013, transforming a remote plateau on the border with Jordan into an industrial city.
The search for mineral resources is not only carried out in Saudi Arabia, but also in other parts of the world. Raw materials are necessary in daily life, also in view of the constantly growing world population. Gold as a hedge against loss of value, zero interest rate policy and trouble spots is virtually the raw material par excellence that societies are looking for.
Ample gold has already been found by Maple Gold Mines - https://www.commodity-tv.net/c/search_adv/?v=298484. Its Douay project in northern Quebec is expected to contain an estimated 3.2 million ounces of gold. No wonder, since the 377 square kilometre project is located in the Abitibi Greenstone Belt, known for its wealth of gold.
Current corporate information and news releases from Uranium Energy (https://www.resource-capital.ch/en/companies/uranium-energy-corp.html) and Maple Gold Mineshttps://www.resource-capital.ch/en/companies/maple-gold-mines-ltd.html).
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