Mongolia announced, Friday evening, December 27, that it had reached a preliminary agreement with the French group Orano for the exploitation of a uranium mine which should enter production in 2028. The agreement is described as “preliminary” , because it still has to be approved by the Mongolian Parliament, but it is an important step forward, both for this landlocked country between China and Russia which is seeking a diplomatic “third way” and wants to reduce its dependence on coal extraction as well as for France, in quest for fuel to secure the supply of its nuclear power plants.
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“This agreement is a significant step to accelerate investment and employment opportunities for the Mongolian people, commented Prime Minister Luvsannamsrain Oyun-Erdene. It also highlights our commitment to working with our “third neighbors”.”he said, referring to Ulaanbaatar's efforts to turn to Europe, the United States, South Korea and Japan to escape the control of Moscow and Beijing.
The agreement provides for an investment worth 1.6 billion dollars (1.5 billion euros), the second largest foreign investment in the country, after the Oyou Tolgoï copper and gold mine. It plans preparatory work until 2027, then uranium production from 2028 to 2060, the value of which could amount to $13.4 billion. Orano has not confirmed these announcements.
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