Saudi Arabia has unveiled a significant discovery at its Jabal Sayid project in the Madinah region, where approximately 114 million tonnes of ore containing rare earth minerals and promising uranium deposits have been identified. This announcement was made by Energy Minister Prince Abdulaziz bin Salman, who highlighted the Kingdom’s active pursuit of uranium resources. This endeavor is part of Saudi Arabia’s national atomic energy program, which aims to explore the economic potential of these resources.
The initiative is further bolstered by Saudi Arabia’s collaboration with France’s Orano. This partnership focuses on the exploration of uranium extraction from phosphoric acid, a by-product of fertilizer production. This cooperation was formalized during a recent visit by the Saudi Crown Prince to France, which resulted in the signing of a memorandum of understanding between the two countries.
Additionally, Saudi Arabia is enhancing its collaboration with the United States in the critical minerals sector. A framework agreement and a partnership have been established between Saudi mining giant Ma’aden and the US-based MP Materials. This alliance aims to advance the processing capabilities of rare earth elements and uranium, essential for both countries’ strategic mineral supply chains.
The discovery and development of these mineral resources are integral to Saudi Arabia’s broader economic strategy. By diversifying its economy and expanding its domestic industrial capabilities, the Kingdom seeks to strengthen its influence in global critical-minerals supply chains. This move is a crucial component of Saudi Arabia’s efforts to transition away from a reliance on oil and embrace a more varied industrial base.