Industry Minister Inspects Saudi Arabia’s Oldest Gold Mine

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef inspected the old and largest gold mine in the Kingdom. (SPA)
Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef inspected the old and largest gold mine in the Kingdom. (SPA)
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Industry Minister Inspects Saudi Arabia’s Oldest Gold Mine

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef inspected the old and largest gold mine in the Kingdom. (SPA)
Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef inspected the old and largest gold mine in the Kingdom. (SPA)

The Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef met with managers and employees during an inspection visit to the Kingdom’s oldest and largest gold mine.

During a tour of the factory and museum at the Mahd Ad Dhahab site in Madinah region, the minister was briefed on expansion plans for the operation which is affiliated to the Saudi Arabian Mining Co. (Ma’aden).

Accompanied by industry and mining sector officials, Al-Khorayef was shown around smelting furnaces and the old mine’s museum and listened to a presentation on gold. He also met some of the 262 mine workers, of which 63 percent are Saudis.

Mining activities at Mahd Ad Dhahab can be traced back 3,000 years to the time of the reign of Sheba in Yemen and the era of Prophet Sulaiman.

More recent commercial mining of minerals including gold, silver, copper, and zinc began in the 1930s, before entering a new phase during the rule of the late King Fahd in 1983.

Between 1988 and last year, approximately 5,989 million tons of raw materials were extracted from the mine which produced 2.5 million ounces of gold and 9.8 million ounces of silver.



Buyer Splashes Out $1.3 Million for Tokyo New Year Tuna

 The head of a 276-kilogram bluefin tuna that was auctioned for 207 million Japanese yen (about 1.3 million US dollars), which was bought jointly by sushi restaurant operator Onodera Group and wholesaler Yamayuki, is carried by a sushi chef at an Onodera sushi restaurant after the first tuna auction of the New Year in Tokyo, Japan January 5, 2025. (Reuters)
The head of a 276-kilogram bluefin tuna that was auctioned for 207 million Japanese yen (about 1.3 million US dollars), which was bought jointly by sushi restaurant operator Onodera Group and wholesaler Yamayuki, is carried by a sushi chef at an Onodera sushi restaurant after the first tuna auction of the New Year in Tokyo, Japan January 5, 2025. (Reuters)
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Buyer Splashes Out $1.3 Million for Tokyo New Year Tuna

 The head of a 276-kilogram bluefin tuna that was auctioned for 207 million Japanese yen (about 1.3 million US dollars), which was bought jointly by sushi restaurant operator Onodera Group and wholesaler Yamayuki, is carried by a sushi chef at an Onodera sushi restaurant after the first tuna auction of the New Year in Tokyo, Japan January 5, 2025. (Reuters)
The head of a 276-kilogram bluefin tuna that was auctioned for 207 million Japanese yen (about 1.3 million US dollars), which was bought jointly by sushi restaurant operator Onodera Group and wholesaler Yamayuki, is carried by a sushi chef at an Onodera sushi restaurant after the first tuna auction of the New Year in Tokyo, Japan January 5, 2025. (Reuters)

The top bidder at a Tokyo fish market said they paid $1.3 million for a tuna on Sunday, the second highest price ever paid at an annual prestigious new year auction.

Michelin-starred sushi restauranteurs the Onodera Group said they paid 207 million yen for the 276-kilogram (608 pound) bluefin tuna, roughly the size and weight of a motorbike.

It is the second highest price paid at the opening auction of the year in Tokyo's main fish market since comparable data started being collected in 1999.

The powerful buyers have now paid the top price for five years straight -- winning bragging rights and a lucrative frenzy of media attention in Japan.

"The first tuna is something meant to bring in good fortune," Onodera official Shinji Nagao told reporters after the auction. "Our wish is that people will eat this and have a wonderful year."

The Onodera Group paid 114 million yen for the top tuna last year.

But the highest ever auction price was 333.6 million yen for a 278-kilogram bluefin in 2019, as the fish market was moved from its traditional Tsukiji area to a modern facility in nearby Toyosu.

The record bid was made by self-proclaimed "Tuna King" Kiyoshi Kimura, who operates the Sushi Zanmai national restaurant chain.

During the Covid-19 pandemic the new year tunas commanded only a fraction of their usual top prices, as the public were discouraged from dining out and restaurants had limited operations.