Saudi Arabia has unveiled a significant discovery at the Jabal Sayid project in the Madinah region, revealing an estimated 114 million tonnes of ore rich in rare earth minerals and uranium deposits. This development is a crucial part of the Kingdom’s efforts to explore uranium resources under its national atomic energy programme, aimed at harnessing these resources for economic benefits, as highlighted by Energy Minister Prince Abdulaziz bin Salman.
The Kingdom’s exploration ambitions extend to collaborating with France’s Orano to extract uranium from phosphoric acid, a byproduct of fertilizer production. This initiative follows a memorandum of understanding signed during the Saudi Crown Prince’s recent visit to France, marking a step forward in Saudi Arabia’s strategic partnerships to advance its mineral extraction capabilities.
In addition to its collaboration with France, Saudi Arabia is also enhancing its ties with the United States in the critical minerals sector. A framework agreement has been established, alongside a partnership between Saudi Arabia’s mining giant, Ma’aden, and US-based MP Materials. This collaboration aims to bolster the processing of rare earth elements and uranium, reinforcing Saudi Arabia’s position in the global supply chain of critical minerals.
This strategic push into rare earth minerals and uranium extraction is part of Saudi Arabia’s broader vision to diversify its economy. By expanding its domestic industrial capabilities and fortifying its role in the global supply chains of critical minerals, the Kingdom seeks to reduce its dependence on oil revenues and pave the way for a more sustainable economic future.