Saudi Arabia has identified an estimated 110 million metric tons of ore containing uranium and significant concentrations of rare earth elements at the Jabal Sayid project in the Madinah region, potentially giving the kingdom a major new domestic source of strategic minerals.

Saudi Energy Minister Prince Abdulaziz bin Salman announced the discovery Monday during the International Atomic Energy Agency General Conference in Vienna. Geological studies found uranium resources alongside significant quantities of heavy rare earth elements, which are used in technologies ranging from electronics and advanced manufacturing to defense systems.

The discovery is part of Saudi Arabia’s broader effort to diversify its economy and energy sector under Vision 2030. The kingdom has traditionally relied heavily on oil and currently produces no uranium domestically, but Riyadh has been exploring ways to develop its own nuclear fuel resources as it pursues a civilian nuclear energy program.

Saudi Arabia signed a civilian nuclear cooperation agreement with the United States in July that provides a framework for American companies to participate in the kingdom’s nuclear energy development. The agreement comes as Riyadh seeks to expand nuclear power while developing domestic capabilities throughout the nuclear fuel cycle.

Prince Abdulaziz said the Jabal Sayid project ranks among the most significant rare earth mineral sites currently under development globally. Cooperation with French nuclear fuel company Orano has also indicated that recovering uranium as a byproduct of other mining operations could potentially be economically viable.

Saudi officials are examining multiple sources for future nuclear fuel, including uranium recovery from the kingdom’s large phosphate industry. The newly identified resources could provide another potential source as Riyadh works to establish a domestic nuclear energy sector.

The discovery adds a significant mineral component to Saudi Arabia’s long-term energy strategy and could increase the kingdom’s importance in global markets for uranium and rare earth elements as it continues pursuing alternatives to an economy dominated by oil.