France's Orano Group is spending 1.6 billion euros to develop uranium deposits in Mongolia
2023 11/03
French mining group Orano has signed a framework agreement to spend 1.6 billion euros to develop the Zuuvch Ovoo uranium project in Mongolia. The project will be developed by Badrakh Energy, a joint venture between Orano Mining and Mongolian state-owned company Mon Atom, with production expected to begin in 2028. According to S&P Global Market Intelligence data, Zuuvch Ovoo is Mongolia's largest uranium asset, valued at $8.59 billion, and the project contains 172 million pounds of uranium. In addition, France has also signed an agreement to invest €400,000 to carry out a prospective evaluation of lithium resources in Mongolia.