FUEL & FUEL CYCLE | MONGOLIAN URANIUM
Mongolia: A new uranium source
Rich in mineral resources, Mongolia is set to begin a new era of uranium mining in the wake of a deal with Orano. With reserves estimated at 1.5 million tonnes, Mongolia could become an important market entrant.
By Mainbayar Bardach
NOMADIC MONGOLIA IS RICH IN mineral resources. The country has a history of uranium mining which began with investment from the former Soviet Union. Currently, Mongolia’s uranium deposits are ranked in the top 10 largest resources in the world. During the Soviet era, Mongolia’s uranium reserves were estimated at 1.5 million tonnes. This must now be verified according to the JORC reporting code. There are 13 uranium deposits in the country, namely: Dornod, Gurvanbulag, Ulaan, Nemer, Mardain River, Kharaat, Khairkhan, Gurvansaikhan, Ulziit, Dulaan-Uul, Zuuvch- Ovoo, Enger ar, and Dalt) and 192,000 tonnes of geological resources have been identified and registered in the State Reserve Fund. At present, a total of six enterprises, four with foreign
investments and two domestic enterprises, hold 12 special licenses for the exploration and exploitation of radioactive minerals. Those foreign investors are Badrakh Energy LLC (French), Gurvansaikhan LLC (Czech Republic), and; Hunboo LLC, and Xin Xin LLC (both from China).
A long-awaited deal In January 2025, French company Orano Mining S.A.S. and the Mongolian Government signed an Investment Agreement to collaborate on a uranium mining project. This agreement represents the second major investment accord between Mongolia and its “third neighbour” country. The project will be implemented by the French-Mongolian joint venture Badrakh Energy and Orano Mining.
Laurent Saint-Martin, Minister Delegate for Foreign Trade
and French Nationals Abroad, attached to the Minister for Europe and Foreign Affairs of France, said: “Zuuvch-Ovoo is one of the world’s 10 largest uranium deposits, and through the implementation of this agreement, Mongolia will emerge as a major player in the global uranium market. This agreement will contribute to French independence by securing our energy supply.” Zuuvch-Ovoo is deposit where the ore is concentrated in one place and its structure is very interesting from a geological point of view, and is easy to mine. The project will produce 69,000 tonnes of uranium ore for the nuclear power sector. The deal is worth $1.6 bn. Mongolia will directly benefit from 51% of the project, one of the 14 mega projects being pursued by the Joint Government. The investment agreement is set for a duration of 20 years, with the possibility of a subsequent extension in accordance with the law, provided both parties are satisfied with the terms.
The Mongolian Government has negotiated with Orano
a total of 18 times and has agreed on the terms in the economic and investment areas in advance. Specifically, the initial investment amount will be approximately $500m and is planned to be made within four years from the date of entry into force of the agreement. Orano has been operating in Mongolia in exploration and mining since 1997, and began production trials of the Zuuvch-Ovoo deposit in July 2021. These trials were successfully completed in December 2022. At present,
Above: Through the implementation of a mining agreement, Mongolia aims to emerge as a major player in the global uranium market 16 | August 2025 |
www.neimagazine.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50
