A Yemeni soldier stands guard near the capital Sana’a. Significant gold finds could boost the country’s revenues.
A Yemeni soldier stands guard near the capital Sana’a. Significant gold finds could boost the country’s revenues.

New golden era beckons for Yemen



Yemen, the poorest Arab nation, is in line to receive a golden parachute for its economy.

The country could receive its boost thanks to the soaring price of gold and prospectors' increasing tolerance for risk.

Thani Dubai Mining, the UAE company that has found a gold deposit in Yemen worth about US$3 billion (Dh11.01bn), is not alone in its search for riches in lands that once included the fabulously rich kingdom of Saba, or Sheba.

The Romans called the land "Arabia Felix"for its abundance of grain, fruit, incense and mineral wealth. Sabaean temples were lined with gold. The Queen of Sheba's gifts to King Solomon are said to have included more than 4 tonnes of gold, precious stones and spices.

The ancient tale has lured new prospectors to Yemen. Some found oil and gas, although not in the quantities hoped for, and the nation's oil output is declining.

Gold could be a different story.

At least two areas are under active exploration: Wadi Medden in south central Yemen near the coast, where Thani is thought to have proved the presence of 2.2 million ounces of gold; and an area in north-west Yemen, closer to Marib.

Thani holds mineral exploration rights to some of that land but does not have the place to itself.

A Canadian company, Cantex Mine Development, holds the rights to other nearby blocks on which Canada's most famous contemporary minerals prospector, Charles Fipke, has discovered the remains of an extensive ancient mining camp.

"Remarkably, the mining/processing technology closely resembles [what] was used in Egypt circa 1,000BC," John Greenough, a professor of earth sciences at the University of British Columbia whose research team was asked to examine the remains, wrote in 2002.

Mr Fipke, the chairman of Cantex, had suggested he had found the fabled King Solomon's Mines of Ophir, celebrated in a classic adventure novel and at least two Hollywood films. The mine site "would have been the major area where Sheba would have got her gold", he wrote in a report in the journal Arabian Archaeology and Epigraphy.

That claim might have seemed preposterous from anyone with a lesser reputation. But Mr Fipke's most famous exploit was a decade-long treasure hunt above the Arctic circle that led to the development of Canada's first commercial diamond mine. He owns 10 per cent of the mine, now controlled by the international resources group BHP Billiton, which opened in 1998. Two years earlier, he had embarked on his next adventure prospecting in Arabia's Hajar Mountains.

Chad Ulansky, a former field assistant of Mr Fipke who is now the president and chief executive of Cantex, said the Canadian company's search for gold had attracted financial backing from Dubai investors unaffiliated with Thani.

The group bought a shell company with a Toronto Stock Exchange listing but no assets. The renamed Emperor Minerals last month signed a letter of intent for an option to acquire 70 per cent of the Cantex project and is expected to formalise a joint-venture agreement.

Mr Ulansky expects Cantex to complete a pre-feasibility study for a mine by the end of next year. "That should give us a good idea of whether a commercial project is possible," he said, adding the news about Thani was encouraging, he added.

As for the ancient mine sites, the remains have been dated to about 1000BC, the age of Solomon and Sheba, but have not been matched to museum artefacts.

The mystery of King Solomon's Mines remains.

Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

The specs: 2018 Maserati Ghibli

Price, base / as tested: Dh269,000 / Dh369,000

Engine: 3.0-litre twin-turbocharged V6

Transmission: Eight-speed automatic

Power: 355hp @ 5,500rpm

Torque: 500Nm @ 4,500rpm

Fuel economy, combined: 8.9L / 100km

CRICKET WORLD CUP QUALIFIER, ZIMBABWE

UAE fixtures

Monday, June 19

Sri Lanka v UAE, Queen’s Sports Club

Wednesday, June 21

Oman v UAE, Bulawayo Athletic Club

Friday, June 23

Scotland v UAE, Bulawayo Athletic Club

Tuesday, June 27

Ireland v UAE, Bulawayo Athletic Club

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

The biog

Family: Parents and four sisters

Education: Bachelor’s degree in business management and marketing at American University of Sharjah

A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls

Likes reading: autobiographies and fiction

Favourite holiday destination: Italy

Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning

Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes

Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure

The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

Everything Now

Arcade Fire

(Columbia Records)

COMPANY PROFILE

Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East)

TWISTERS

Director: Lee Isaac Chung

Starring: Glenn Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars