Saudi Arabia discovers massive uranium deposits after US nuclear deal

Saudi Arabia has discovered 110 million tonnes of uranium-bearing ore, which if verified would make it the largest source of uranium on Earth, the Kingdom's Energy Ministry announced on Monday.

"This positions the Jabal Sayed project among the most significant rare earth mineral resource sites currently under development globally," Saudi Energy Minister Prince Abdulaziz bin Salman said.

However, the minister did not announce the concentration of uranium in the ore, which makes it impossible to evaluate the amount of uranium that can actually be extracted from these resources, or the economic feasibility of extracting it.

The discovery comes just months after Saudi Arabia and the United States signed an agreement promoting the development of nuclear energy in the Kingdom.

The agreement allows US companies to support the construction and maintenance of nuclear power stations in Saudi Arabia, while allowing the US to monitor the enrichment process.

The agreement does not include provisions for US companies to mine and process uranium in the country.

Saudi Arabia has been producing processed uranium, also called yellowcake, with the support of Chinese companies since at least 2020, according to The Wall Street Journal, although the Kingdom has denied this.

Saudi Arabia and China collaborated to explore uranium deposits in the country as early as 2017.

By 2019, a joint survey by the Beijing Research Institute of Uranium Geology, China National Nuclear Corporation, and the Saudi Geological Survey identified three possible uranium deposits in central and northwestern Saudi Arabia.

These deposits were believed to contain over 90,000 tonnes of uranium, according to an estimate by a mining consultancy group earlier this year.