Saudi Arabia Discovers 110 Million Tonnes of Uranium Ore in Medina Region

Key Facts

As Saudi Arabia accelerates its efforts to bolster energy security and diversify its economy beyond hydrocarbons, the Kingdom has identified significant mineral wealth. Energy Minister Prince Abdulaziz bin Salman announced the discovery of 110 million tonnes of uranium-bearing raw material in the Medina region. This announcement, made at the International Atomic Energy Agency (IAEA) General Conference, underscores the Kingdom's strategic ambition to establish a domestic nuclear energy industry for peaceful purposes.

This discovery aligns with Riyadh's broader initiative to transform its mineral sector into a major economic pillar. The Kingdom aims to utilize domestic uranium resources to fuel future nuclear reactors, building on the legal framework established by a landmark civil nuclear cooperation agreement signed with the United States in July. Per market context, Saudi Arabia is already the world's second-largest exporter of phosphate fertilizers and is exploring uranium recovery as a byproduct of its extensive phosphate operations.

Looking ahead, the long-term impact will depend on the ore grade and the economic feasibility of extraction. While specific instrument prices are unavailable at the close of September 14, 2026, market participants will be watching for further technical assessments from the IAEA regarding commercially recoverable reserves. Future catalysts include progress in nuclear technology partnerships and further geological surveys in the Medina region to confirm the scale of processing infrastructure required.