Saudi Arabia has discovered 110 million tonnes of ore containing uranium, one of the most significant rare earth discoveries in the world, the kingdom’s Energy Minister Prince Abdulaziz bin Salman has said.
The discovery in the Madinah region comes as Saudi Arabia pushes to boost investments in its energy and mining sectors, Prince Abdulaziz told the International Atomic Energy Agency general conference in Vienna on Tuesday.
“The exploration and geological studies at the Jabal Sayid project in the Madinah region have revealed … ore containing high concentrations of rare earth elements, particularly the heavy rare earth elements alongside promising concentrations of uranium,” said Prince Abdulaziz, who took to the additional charge of Minister of Industry and Mineral Resources in July. “This positions the project among the most significant rare earth mineral resource sites currently under development globally.”
The kingdom, the biggest Arab economy, has also continued to invest in diversifying its energy and mineral resources. It is building capacities within the kingdom, as well as through effective international partnerships, he was quoted as saying by Al Arabiya TV.
Significant announcement
The discovery of natural ore with a concentration of uranium is significant, as it follows a US-Saudi deal for a civilian nuclear programme in the kingdom. The countries in July signed the pact alongside a bilateral protection agreement, which lays the foundation for a "decades-long, multibillion-dollar partnership".
"These agreements reflect our two nations' shared commitment to strengthening US-Saudi commercial relations, delivering prosperity at home and security to our allies abroad," US Energy Secretary Chris Wright said in a statement.
The US and Saudi Arabia have spent years negotiating a nuclear co-operation deal that would give the kingdom access to US technology, while allowing American companies to compete for major contracts at Saudi nuclear energy sites.
One of the key provisions is for a study that could lead to US companies building a uranium enrichment plant in Saudi Arabia, the Wall Street Journal reported. Developing the kingdom’s mining sector is at the heart of Saudi Arabia’s economic diversification agenda.
Prince Abdulaziz said on Monday that the continued investment in the mining sector were further reinforced during a visit to the US by Saudi Crown Prince Mohammed bin Salman in November last year.
The two countries signed a co-operation framework for minerals and the security of supply chains, which was followed by a partnership between Saudi Arabia’s Ma’aden and the US-based MP Materials to develop capabilities for processing and separating rare earth minerals and producing associated uranium.
“Subsequently, the kingdom is continuing its efforts through the sedimentary cover survey initiative to explore for additional uranium ore from conventional sources,” Prince Abdulaziz said.
