Saudi Arabia has identified an estimated 114 million tons of ore containing high concentrations of heavy rare earth elements, along with promising uranium deposits, at the Jabal Sayid copper mine in Medina province, according to Energy Minister Prince Abdulaziz bin Salman.
The discovery could support Saudi Arabia’s efforts to expand mining as a major part of its economy beyond oil. Riyadh estimates its untapped mineral resources at around $2.5 trillion and aims to increase mining’s annual contribution to GDP to approximately $75 billion by 2030.
The rare earth resources could also strengthen Saudi Arabia’s position in global critical-mineral supply chains, particularly as the United States and China compete for access to strategic minerals used in technologies, electronics and advanced industries.
The uranium deposits could have additional significance because Saudi Arabia is pursuing a civilian nuclear programme following its nuclear cooperation agreement with Washington in July. However, further exploration and assessment are needed to determine whether the uranium deposits are commercially viable.
The discovery comes as Riyadh seeks to diversify its economy and develop its mining sector alongside other major investments under its broader economic transformation plans.
