Mongolia and France’s Orano sign a preliminary agreement for a uranium project worth $1.6 billion
Mongolia has signed an initial agreement with French state-controlled mining company Orano Mining to develop the $1.6 billion Zuuvch Ovoo uranium mining project in Dornogovi Province, reports said. Reuters Quoted from the Mongolian government.
The draft agreement is currently under review by the Mongolian Parliament.
This project is scheduled to begin its preparatory phase in the period from 2024 to 2027, with an initial investment of $500 million.
The Mongolian News Agency quoted Mongolian Prime Minister Uyun Erdene Luvsanamsaray as saying: “This agreement is an important step forward in promoting inward investment and job opportunities for the Mongolian people.”
Production is expected to begin in 2028, and production is expected to reach 2,600 metric tons of uranium by 2044.
Orano, a uranium producer with operations in Canada, Kazakhstan and Niger, has been conducting exploration activities in Mongolia for more than two decades.
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By GlobalData
In 2023, Orano signed a protocol outlining the development and operation of a uranium mine project in Mongolia.
This protocol provides a framework for an investment agreement to establish a partnership between Orano and the Mongolian government for the Zuuvch-Ovoo uranium mine project.
The Zuuvch-Ovoo project is being developed by Badrakh Energy, a joint venture between Orano Mining and MonAtom, a Mongolian state-owned company.
last month, Rio Tinto has announced its plans to trial battery swapping technology For electric transport trucks at the Oyu Tolgoi copper mine in Mongolia through an alliance with the State Energy Investment Corporation of China (SPIC).
The project will include eight transport trucks, 13 batteries with a capacity of 800 kilowatts per hour, in addition to a robotic battery replacement station and a charging station.
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