The Risks and Rewards of Uranium Mining in Mongolia
Mongolia’s Uranium Mining Industry Set to Boom
The timing couldn’t be better for Mongolia as rising uranium demand, fueled by a nuclear resurgence and geopolitical pressures, is strengthening the country’s uranium mining bargaining position. With recent amendments to the nuclear energy law in November 2024, Mongolia is making a strategic move to unlock its uranium potential while safeguarding its national interests.
These legislative changes have paved the way for a monumental $1.7 billion uranium project with France’s Orano Group. This deal, which had been stalled since its protocol signing in late 2023, is now back on track and set to bring significant economic benefits to Mongolia.
The project, set to be one of the largest in Mongolia’s history, is expected to create numerous job opportunities and boost the country’s economy. With parliamentary approval secured, the final agreement for the project could be ready before the Lunar New Year in 2025, although there are still some parliamentary hurdles to overcome.
The new legislation introduced several significant changes that will shape the future of Mongolia’s uranium mining industry. With the potential for increased investment and technological advancements in the sector, Mongolia is positioning itself as a key player in the global uranium market.
Overall, the outlook for Mongolia’s uranium mining industry is positive, and with the right strategic partnerships and regulatory framework in place, the country is poised to capitalize on the growing demand for uranium worldwide.
