Gold in Yemen reserves at 4.9m oz

21 Apr 2011

(MENAFN) Chairman of UAE based Thani Emirates Resource Holdings, Abdulla al Thani, said that the size of gold reserves the company discovered in Yemen was now estimated at 4.9 million ounces, up from last year’s estimation at 2.2 million ounces, reported The National.

Al Thani said that the minerals company found out through new drilling results that gold reserves at the Wadi Madden discovery was around 227 percent more than original estimates.

However, Al Thani said that the process for drilling gold was not without cost, as the company would have to spend USD300 million before getting its first ounce.

It is worth noting that gold prices in the past months had rocketed to new record levels, thus making such discovery even more valuable.

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