Saudi Arabia has revealed a significant find of approximately 114 million tonnes of ore rich in rare earth minerals and promising uranium deposits at the Jabal Sayid site in the Madinah region. Energy Minister Prince Abdulaziz bin Salman highlighted that the Kingdom is prioritizing the exploration of uranium as part of its national atomic energy agenda, which aims to explore the economic benefits these resources might bring.
In pursuit of these goals, Saudi Arabia is collaborating with France’s Orano to investigate the extraction of uranium from phosphoric acid, a byproduct of fertilizer production. This collaboration was formalized through a memorandum of understanding signed during a visit by the Saudi Crown Prince to France, underscoring the Kingdom’s commitment to leveraging international partnerships to advance its nuclear energy objectives.
Furthermore, Saudi Arabia has bolstered its ties with the United States in the realm of critical minerals. A framework agreement has been established, along with a partnership between Saudi Arabian mining giant Ma’aden and the U.S.-based MP Materials. This collaboration aims to enhance the processing capabilities for rare earth elements and uranium, essential components in various high-tech and energy applications.
The discovery and subsequent development of these mineral resources are integral to Saudi Arabia’s broader economic diversification strategy. The Kingdom is keen on expanding its industrial capacities domestically and enhancing its influence in the global supply chains of critical minerals. These efforts are part of a long-term vision to transition away from an oil-dependent economy and include a focus on mining as a key pillar of economic growth.