Orano to invest up to $500 million in uranium mining in Uzbekistan

The French company Orano will invest up to $500 million in uranium mining and processing in Uzbekistan. The Minister of Mining and Geology Bobur Islamov announced this at the Verona Eurasian Economic Forum in Samarkand, Spot reports.

According to the publication, the minister said that the country has signed a strategic partnership agreement with Orano, that the French company is currently conducting geological exploration, and that the initial technical and economic basis of the project will be developed by the end of 2023.

“The contract with Strategic Orano provides for two additional fields in the Tomdi district of Navoi region, where geological exploration works will be carried out. Of course, the feasibility study will decide everything, but things are looking good right now. The total amount of investments, in general, is set to 500 million dollars by the agreement,” Bobur Islamov said.

He noted that the existing volumes of uranium production have already found commercial markets. As the volume of nuclear fuel production increases, Uzbekistan will make a decision on export based on the price situation, he added.

“No matter who we work with on uranium, we are based on world prices. If the price goes up, everything depends on the formula and our delivery price will go up,” the minister said.

Also, Islamov noted that the export of uranium in all directions has increased in 2023, and said that it is important to diversify the supply.

Within the framework of the visit of French President Emmanuel Macron to the country, together with the Orano company, the issues of processing strategic raw materials using advanced technologies and exporting industrial goods, expansion of geological exploration in uranium mines were discussed.

Within the Uzbekistan-France business forum, Shavkat Mirziyoyev met with the head of the Orano company, Claude Imauven. It supported initiatives to expand cooperation in the field of geological exploration and uranium mining.

Bloomberg reported earlier that the parties will discuss the issue of supplying Uzbek uranium to France.

In November 2022, a tripartite agreement was signed between the State Geological Committee, Navoiyuran and Orano on the expansion of uranium mining and processing. Uzbekistan wants to pay attention to the French model in the “nuclear fuel value chain”. At that time, Orano said that it was preparing to invest “several hundred million euros”.

Orano participates in the relevant project in Uzbekistan through a joint venture of Nurlikum Mining (51% owned by Orano and 49% owned by Navoiyuran). Nurlikum Mining Company is engaged in the development project of the Jelgendi uranium mine, it is stated on the company’s website.