Saudi Arabia plans to monetize all minerals, including by selling uranium, Saudi energy minister Prince Abdulaziz bin Salman said on Monday.
“We will enrich it and we will sell it and we will do a ‘yellowcake,’” Prince Abdulaziz told a conference in Dhahran, referring to a powdered concentrate of the mineral used to prepare uranium fuel for nuclear reactors. It requires safe handling although it poses few radiation risks.
Saudi Arabia has a nascent nuclear program that it wants to expand to eventually include uranium enrichment, a sensitive area given its role in nuclear weapons. Riyadh has said it wants to use nuclear power to diversify its energy mix.
The Kingdom said last year it planned to scrap light-touch oversight of its nuclear facilities by the UN atomic watchdog and switch to regular safeguards by the end of 2024.
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