South Africa produced an energy-transition plan last year that estimated it will need 1.5 trillion rand ($82 billion) in investment over the next five years.
Saudi Arabia has spent more than $37 million since 2017 searching for deposits but only managed to identify reserves that would be “severely uneconomic” to mine.
Proceeds will be used to fund rehabilitation related to Energy Resources's Ranger uranium mine in the Northern Territory and repay a loan from Rio Tinto.