International Atomic Energy Agency (IAEA) head Rafael Grossi told a conference in Saudi Arabia on Wednesday that the organization is working with Egypt and Saudi Arabia to help them to develop nuclear power.
Saudi Arabia has vast reserves of uranium ore that it plans to use to use to develop a nuclear power program, Prince Abdulaziz bin Salman previously told the Future Minerals Summit in Riyadh on January 12.
Saudi Arabia said more than a decade ago that it was considering developing its own nuclear power program but it has yet to build any nuclear plants. Prince Abdulaziz said at the summit that Saudi Arabia would be manufacturing and developing uranium.
“Let me be very specific about it, we do have a huge amount of uranium resources that we would like to exploit and we will be doing it in the most transparent way, we will be bringing in partners,” the minister said at the time.
He said Saudi Arabia would be publishing its energy strategy soon and that it was well-placed to become the cheapest producer of so-called green hydrogen.
“Our business model would enable us to do that ... we are very open to every opportunity that comes our way and every technology,” Prince Abdulaziz said.
Saudi Arabia Mining Co. (Ma’aden), the Gulf's largest miner, would also be creating a subsidiary for investments abroad.
“We have the foresight to put together through our champion in minerals, Ma'aden, a subsidiary company that will be developed very soon to venture abroad with partners,” he said.
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