In a significant development, Saudi Arabia has unveiled the discovery of approximately 114 million tonnes of ore rich in rare earth minerals and containing promising uranium deposits at the Jabal Sayid project, located in the Madinah region. This announcement is part of the Kingdom’s ongoing efforts to explore uranium resources under its national atomic energy programme, with Energy Minister Prince Abdulaziz bin Salman emphasizing the economic potential these resources hold for the country’s future.
Saudi Arabia’s ambitions in the nuclear sector are further bolstered by its collaboration with France’s Orano. The two nations are working together to investigate the feasibility of extracting uranium from phosphoric acid, a byproduct of fertilizer production. This collaboration was cemented through a memorandum of understanding during the Saudi Crown Prince’s recent visit to France, highlighting the Kingdom’s commitment to leveraging international partnerships to advance its nuclear energy goals.
Moreover, Saudi Arabia is strengthening its ties with the United States in the realm of critical minerals. A framework agreement has been established, fostering a partnership between Saudi mining giant Ma’aden and US-based company MP Materials. This collaboration is set to enhance the processing of rare earth elements and uranium, underscoring the Kingdom’s strategic efforts to become a key player in the global critical-minerals supply chain.
These initiatives are integral to Saudi Arabia’s broader strategy of economic diversification and industrial expansion. By tapping into its rich mineral resources, the Kingdom aims to not only boost its domestic industrial capabilities but also solidify its position in the international market for critical minerals. This aligns with Saudi Arabia’s long-term vision to reduce dependency on oil revenues and foster sustainable economic growth through strategic investments in various sectors.