Saudi Arabia has sufficient uranium to diversify energy mix: Al-Khorayef

Minister of Industry and Mineral Resources Bandar Al-Khorayef said that Saudi Arabia has sufficient quantities of uranium to meet its need to diversify the energy mix, noting that the search for uranium and other minerals is still ongoing. He also stressed the importance of the mining sector as the third pillar of Saudi industry.

This came in a statement by the Minister to ASharq TV, on the sidelines of an official visit to Brazil and Chile.

The National Strategy for Industry targets 12 sectors, said the Minister, pointing out that what distinguishes Brazil is the presence of these sectors in one form or another, which represents many mutual opportunities.

"We found that Brazil was able, over the past two decades, to revamp several industries and enter into new experiences. We look forward through this visit to looking into mutual opportunities, especially between the private sectors in the two countries," said Al-Khorayef.

"Our ambitions are greater in both countries to develop this relationship," the Minister added, revealing that the Saudi EXIM Bank intends to sign an agreement with a Brazilian bank to enhance trade between the two countries.

Al-Khorayef also pointed out that the Kingdom is betting on the EV industry, as its aims to produce 300,000 to 350,000 cars annually, which requires the manufacture of batteries in the first place, in addition to the fact that the Kingdom is qualified to embrace investments and industries in the supply chain for EV batteries.