On January 17, 2025, in Ulaanbaatar, France's public group Orano signed a significant agreement with Mongolia for the exploitation of a large uranium deposit, touted by Paris as 'historic' for enhancing France's energy sovereignty.
This agreement follows discussions that began over two years ago and comes after a protocol was signed in October 2023 during a state visit by Mongolian President Ukhnaa Khurelsukh to France.
The project involves an initial investment of approximately $500 million before the mine begins operations, with a total investment of $1.6 billion over its lifespan. The development phase is expected to last four years prior to the commencement of production.
The Mongolian uranium deposit, located in the Gobi Desert, is described as 'world-class' and contains around 90,000 tons of resources, with an expected production of approximately 2,500 tons per year, which constitutes about a quarter of France's annual nuclear consumption.
The agreement was also signed by Orano's CEO Nicolas Maes and several Mongolian officials. Mongolian Prime Minister Luvsannamsrain Oyun-Erdene noted that the project is projected to generate around $5 billion for Mongolia.