Saudi Arabia says it has discovered 110 million tonnes of raw material containing rare earth elements and uranium, adding to the kingdom’s growing inventory of strategic minerals.
The discovery was first announced by Saudi Energy Minister Prince Abdulaziz bin Salman during this week’s International Atomic Energy Agency General Conference and subsequently reported by state media.
According to the minister, the discovery follows exploration and geological studies carried out at the Jabal Sayid project in Madinah.
Jabal Sayid is already home to a major underground copper operation run through a 50:50 joint venture between Saudi state-owned miner Ma’aden and Barrick Mining (TSX:ABX).
Major rare earth resource
Beyond copper, Jabal Sayid is believed to host significant rare earth and uranium resources.
An analysis by the Center for Strategic and International Studies (CSIS), citing Saudi government data, ranks Jabal Sayid as the world’s fourth-largest rare earth resource, containing more than 900,000 tonnes.
More than half of that resource comprises heavy rare earth elements such as dysprosium and terbium, which are particularly important for advanced technologies and defence applications.
The same analysis identified a co-located uranium resource of around 31,000 tonnes.
CSIS says the combination could position Saudi Arabia to develop a domestic nuclear fuel cycle while potentially becoming a supplier of strategic materials to the US.
US-Saudi nuclear ties
The discovery comes just over a month after Washington and Riyadh formalised closer cooperation on civil nuclear energy.
US Energy Secretary Chris Wright and Saudi Energy Minister Prince Abdulaziz signed a nuclear cooperation agreement on 22 July, aimed at strengthening collaboration between the two countries.
The latest discovery adds another dimension to Saudi Arabia’s ambitions to expand beyond its traditional oil and gas industry and develop its domestic mining and nuclear energy sectors.
Write to Jackson Chen at Mining.com.au
Image: International Atomic Energy Agency
