Orano is set to develop a new uranium deposit in Mongolia, following the signing of an investment agreement with the Mongolian government.
The agreement will see the development of the Zuuvch-Ovoo uranium mine, which is found in the Dornogovi province of Mongolia. The mine will be owned and operated by Badrakh Energy, which is a joint venture between the Mongolian-owned MonAtom Group, and Orano.
The operation is expected to have a 30 year lifespan, with average annual production of 2,500 tonnes of uranium (5.5 million pounds) per year. The project is expected to have a four year construction period, with initial capital expenditures pegged at $500 million.
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The Zuuvch-Ovoo and Dulaan Uul / Umnut deposits are estimated to contain nearly 90,000 tonnes of uranium.
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