France’s Orano signs agreement to develop $1.6bn Mongolia uranium mine
French multinational company Orano has been given the go-ahead to develop and operate a major uranium mine, in Mongolia.
Under an investment agreement signed on Friday, Badrakh Energy, a joint venture between Orano and Mongolia's State-owned MonAtom Group, will be responsible for the industrial operation of the Zuuvch-Ovoo and Dulaan Uul/Umnut deposits, which have estimated uranium resources of close to 90 000 t.
With a 30-year estimated lifespan, the project represents an initial investment of about $500-million before the deposit comes on stream, and a total of $1.6-billion over the mine's lifetime, creating 1 600 direct and indirect jobs.
Development of the project is planned to take four years, after which the Zuuvch-Ovoo mine will go into production, with an estimated nominal capacity of about 2 500 t/y of uranium.
With uranium demand set to be strong in the coming decades, Mongolia is positioning itself as a strategic player.
The signing ceremony took place on Friday in Ulaanbaatar, in the presence of representatives of the Mongolian government, Minster Delegate for Foreign Trade and French Nationals Abroad Laurent Saint-Martin, Orano CEO Nicolas Maes and senior executive VP of Orano’s mining business unit, Xavier Saint Martin Tillet.
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