Investment agreement with Orano Mining approved

​Mongolia’s Parliament has approved the investment agreement with French company Orano Mining, the investor behind the Badrakh Energy uranium project, and has authorized the cabinet to formalize the agreement. This will also enable the signing of the investment agreement for the Zuuvch-Ovoo uranium deposit, which is projected to produce 2,750 tons of uranium annually over the next 30 years.
Mark Meleard, CEO of Badrakh Energy, emphasized that once the agreement is finalized, construction work could commence later this year, with production slated to begin in 2028. The Minister of Mining and Heavy Industry confirmed that the agreement is expected to be signed within the first quarter of the year.
Under the terms of the agreement, if the Mongolian side does not receive at least 51 percent of the project’s returns, the investor will be required to make adjustments and make additional payments to the government.
The project is expected to create approximately 1,600 new jobs, with more than 90 percent of these positions to be filled by Mongolian nationals. Additionally, during the implementation phase, the Zuunbayan railway will be expanded, 160 kilometers of paved and improved roads will be constructed, and a small village with a population of 500 will be established.