Bandar bin Ibrahim Al Kharif, Minister of Trade and Mineral Assets
The Minister of Trade and Mineral Assets, Bandar bin Ibrahim Al-Khorayef, stated that discoveries of uncommon earth minerals within the Kingdom are estimated at about 375 billion riyals, and are a part of estimates of the Kingdom’s complete mineral wealth, which has risen by 90% since 2018 to achieve 9.4 trillion riyals in 2024.
Autumn added in a press release acquired numbers A replica of it’s that detailed research performed in 6 promising websites for these minerals resulted in affirmation of the presence of two websites in superior exploration levels containing sources estimated at 644 million tons, with a mean focus of 0.30% of uncommon earth ingredient oxides.
He said that the Saudi Geological Survey recognized 4 different websites as promising exploration targets, with complete estimates between 364 and 714 million tons, with focus charges ranging between 0.95% and 1.66% of uncommon earth ingredient oxides.
He identified that the found websites include a excessive share of heavy uncommon earth components, which reinforces their strategic worth resulting from their important makes use of in superior applied sciences, clear power techniques, robotics, and navy industries, stressing that these discoveries help the Kingdom’s endeavors to consolidate its world place as a number one middle within the important minerals sector.
Al-Khorayef pressured that the signing of the strategic framework settlement between the Kingdom of Saudi Arabia and the USA of America for cooperation within the subject of securing provide chains associated to uranium, uncommon earth metals, everlasting magnets and significant minerals embodies the energy of the partnership between the 2 international locations, and displays their joint dedication to constructing dependable and sustainable provide chains that contribute to supporting the expansion of the worldwide economic system.
He defined that the settlement goals to boost the safety, stability and sustainability of vital mineral provide chains, particularly uncommon earth minerals, by benefiting from the strategic benefits that the Kingdom enjoys.
He said that this strategic framework will contribute to enabling personal sector corporations within the two international locations to conclude long-term buy contracts, along with supporting human capability constructing and coaching packages, enhancing analysis and growth actions, and know-how switch within the fields of processing, manufacturing, and recycling metals, uncommon earth components, and everlasting magnets.
He additionally pressured that the joint challenge that Ma’aden intends to implement with Mountain GV, LLC, to finance, develop and set up a facility to course of the refining and separation of uncommon earth components within the Kingdom of Saudi Arabia, represents the fast implementation of cooperation paths inside the strategic framework settlement between the Kingdom and the USA within the subject of uncommon earth metals.
He added that this framework goals to make the Kingdom a middle for processing uncommon earth metals and manufacturing everlasting magnets, based mostly on the high-value sources it possesses, because the Jabal Sayid mine is likely one of the most up-to-date notable discoveries, and is classed because the fourth largest mine on this planet by way of the estimated worth of uncommon earth metallic deposits, which permits the event of joint tasks in exploration and first processing to supply these metals.
Based on the info accessible on numbersFinal Could, the Kingdom of Saudi Arabia and the USA of America signed a strategic financial partnership doc between the 2 governments.
The Saudi Arabian Mining Firm signed – minesNot too long ago, a binding memorandum of phrases was entered into with MB Supplies and Mountain GV, LLC, with the goal of acquiring consulting and technical providers, in addition to establishing a three way partnership to ascertain, develop and assemble a uncommon earth refining and separation facility within the Kingdom of Saudi Arabia (the Processing Facility).
