Saudi Arabia discovers 110 million tons of uranium-bearing ore, Energy Minister says

Saudi Arabia has uncovered an estimated 110 million tonnes of raw materials containing uranium concentrations in the Medina region, the kingdom's energy minister announced Monday. Prince Abdulaziz bin Salman revealed the discovery at the IAEA General Conference in Vienna.

The uranium announcement is part of a much broader Saudi effort to develop its mineral resources under Vision 2030. The kingdom has been courting international investment and partnerships across the mining sector, from established phosphate operations to exploration for rare earths, gold, copper and other minerals, as it seeks to build mining into a major pillar of the economy alongside its longstanding role as a major oil exporter.

Uranium's main use is as fuel for nuclear power plants, where it's enriched to about 5% purity and used to generate electricity. It's also used in the production of medical isotopes for cancer treatment and diagnostic imaging, in naval propulsion for submarines and some ships, and in research reactors.

This is a developing story.