On July 22, the US and Saudi Arabia finalized a nuclear deal that gave the kingdom a pathway to enrich uranium. Fifty-four days later, Energy Minister Prince Abdulaziz bin Salman announced an estimated 110 million tonnes of ore with “promising concentrations of uranium” were discovered near Medina. He didn’t say when it was found.
How promising remains to be seen: Concentration, grade, and recovery rate will determine the deposit’s value. Though the element is more abundant than gold, the timing is curious. Chinese geologists have surveyed potential uranium sites, and Beijing reportedly helped build a facility to extract yellowcake from ore. But the kingdom, which has an estimated $2.5 trillion in untapped mineral wealth, had never officially sized a deposit until this week. Now, with a US green light for its civil nuclear ambitions, more uranium finds may surface.