In a significant development, Saudi Arabia has unveiled the discovery of approximately 114 million tonnes of ore rich in rare earth minerals, along with promising uranium deposits, at the Jabal Sayid project situated in the Madinah region. This announcement underscores the Kingdom’s commitment to exploring its uranium resources as part of its national atomic energy program, with an emphasis on harnessing their economic potential, according to Energy Minister Prince Abdulaziz bin Salman.
The Kingdom is actively collaborating with France’s Orano to investigate the extraction of uranium from phosphoric acid, a byproduct of fertilizer production. This initiative was set into motion following a memorandum of understanding that was signed during the Saudi Crown Prince’s recent visit to France, highlighting the strategic international partnerships Saudi Arabia is fostering in the field of critical minerals.
Further strengthening its international ties, Saudi Arabia has also bolstered its cooperation with the United States in the critical minerals sector. A framework agreement has been established, alongside a partnership between the Saudi mining company Ma’aden and the US-based MP Materials. This collaboration is aimed at supporting the processing of rare earth elements and uranium, marking a significant step in enhancing the Kingdom’s industrial capabilities.
The discovery and subsequent developments are integral to Saudi Arabia’s broader strategy of economic diversification. By expanding its domestic industrial capacities and reinforcing its position within the global supply chains for critical minerals, the Kingdom is laying the groundwork for a more robust and diversified economy. These efforts are in alignment with Saudi Arabia’s vision to reduce its reliance on oil and position itself as a leader in the global minerals market.