Why Saudi Arabia redirects its economy from oil production to gold mines?
The largest exporter of petroleum with nearly 20% of the world's oil reserves has redirected its economy to a new resource due to previous researches. The mineral deposits of the subsoil could turn the country into a major exporter, mainly of gold, bauxite and phosphate.
According to the CEO of the Australian Citadel Resource Group, the geology of the zone is tremendous. Gold has been extracted over the past three thousand years in the Kingdom of Saudi Arabia, but at a national level. In the past years, the government allowed the exploitation and production on a commercial scale in order to diversify their economy and as a measurement to create employment in a country that depends solely on petrodollars.
This initiative promotes the opening of gold mines. Between 1945 and these days, there was a short number of gold mines, particularly in 1997 the main gold mining company, Ma'aden had only one operating gold mine and in 10 years the number grew to 5 gold mines and 2 more projects in progress.
This means that Saudi Arabia can be the next Canada regarding the number of gold mines in proportion to its territorial extension. The country is progressing effectively in this regard, investing more and more to discover new mineral resources.
The first Arabian country, in terms of black gold, started this initiative with a certain delay but the high number of resources of the place means a higher future influence on the price of gold at a global level as it will clearly become one of the greatest powers in gold mining.
Investors and experts expect changes which will occur due to the development of the initiative in the global market. The clients of Emgoldex on the other hand, regardless the price of gold in the market, enjoy the most advantageous purchasing conditions buying this precious metal in the online store of the company. Besides they create their own gold reserve and get high and stable income, thus achieving their financial independence!
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Category: Gold news Publication date: 2015-01-13 12:03
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