Tashkent, Uzbekistan (UzDaily.com) -- The French company Orano intends to invest up to US$500 million in the mining and processing of uranium in Uzbekistan. This was reported by Spot with reference to the words of the Minister of Mining and Geology of Uzbekistan Bobir Islamov.

Speaking at the Verona Eurasian Economic Forum, the Minister said that Uzbekistan and Orano signed a strategic partnership agreement.

At the moment, the French company is carrying out geological exploration work, and by the end of this year it is planned to complete a preliminary feasibility study of the project.

Bobir Islamov said that the strategic agreement stipulates that Orano will conduct geological exploration in two additional areas in Tamdy district of Navoi region.

“However, the final decision will be made on the basis of a feasibility study of the project. The total investment, as defined in the agreement, is up to US$500 million,” Islamov noted.

The minister also emphasized that the existing volumes of uranium production have found sales. As nuclear fuel production increases, Uzbekistan will decide on exports, taking into account the world price situation.

“Regardless of who we cooperate with in the uranium sector, our prices are tied to world market prices. If prices rise, our supplies and costs also increase,” Islamov concluded.

Orano is present in Uzbekistan through the JV Nurlikum Mining LLC (51% owned by Orano and 49% owned by the state enterprise Navoi Uran, representing the Republic of Uzbekistan).

The goal of Nurlikum Mining is to develop a project for the development of the Jelgendi uranium deposit in accordance with the current state of the industry and in accordance with international safety and environmental standards.

The joint French-Uzbek company Nurlikum Mining was created on 3 December 2019 to bring uranium deposits into production through exploration and project development.

The company owns two permits for exploration of uranium sites in the Northern and Southern Jengeldi in the Navoi region, issued in October 2020.

Nurlikum Mining’s scope of activities includes conducting uranium exploration and mining activities with a focus on the Jengeldi site - in the heart of the uranium-rich region of Uzbekistan.

In November 2022, Orano, Goskomgeology and Navoi Uran signed a strategic cooperation agreement that lays the foundation for an exclusive alliance to develop new uranium mines in Uzbekistan, in addition to the Jengeldi project.