Saudi Arabia has unveiled a significant mineral discovery at the Jabal Sayid site in the Madinah region, revealing an estimated 114 million tonnes of ore rich in rare earth minerals and uranium deposits. This revelation underscores the Kingdom’s commitment to advancing its national atomic energy programme by harnessing its uranium resources for potential economic gains, as highlighted by Energy Minister Prince Abdulaziz bin Salman.
In pursuit of its atomic energy goals, Saudi Arabia is collaborating with the French company, Orano, to explore the possibility of extracting uranium from phosphoric acid, which is a byproduct of fertilizer production. This initiative is part of an agreement forged during the Saudi Crown Prince’s visit to France, emphasizing the Kingdom’s efforts to develop its nuclear capabilities.
Beyond its partnership with France, Saudi Arabia is enhancing its cooperation with the United States in the critical minerals sector. A strategic framework agreement has been established, alongside a collaboration between Saudi Arabia’s Ma’aden mining company and the US-based MP Materials. This partnership is designed to bolster the processing of rare earth elements and uranium, aligning with Saudi Arabia’s broader economic diversification strategy.
The development of these mineral resources is integral to Saudi Arabia’s vision of expanding its industrial capabilities domestically and securing a prominent position in the global critical-minerals supply chain. This strategic move is part of a broader effort to reduce reliance on oil revenues and foster a more diversified and sustainable economic model.