Joint project of Uzbekistan, French Orano to need $170M in FDI

By Trend

As part of the investment project between Uzbekistan’s State Committee for Geology and French Orano Group, it is envisaged to attract foreign direct investment at the initial stage of up to $ 20 million, and about $150 million if a commercial field is discovered, representative of Orano Group told Trend in an interview.

Recently Trend reported that Orano have decided to create a joint venture with Uzbekistan on Uranium mining projects in Kyzylkum.

The agreement underlines the international recognition of Orano Mining's know-how in the field of exploration of Uranium deposits, particularly in In-Situ Recovery (ISR).

ISR is a physicochemical process of mining minerals by washing them out of the rock with various solvents pumped into the reservoir through wells.

"It is fully in line with our strategy of diversifying portfolio and consolidating our presence in Central Asia, which has resources that can be exploited using ISR. Today, ISR is the most economically profitable technique and Orano's experience allows it to meet the highest levels of environmental protection, transparency and compliance," the official stated.

The representative added that Uzbekistan has longstanding experience in the exploitation of uranium deposits with ISR: in combination with the experience of Orano, the project will have a solid foundation for investing in new territories and developing innovative solutions that can increase the company's productivity and meet customer expectations.

"We are happy and proud to sign this agreement, which contributes to strengthening the cooperative relations between France and Uzbekistan," the official added.

The official of the company noted that implementation of the project will allow the introduction of modern management methods with the sale of products on more favorable conditions that are widely used in international practice and create more than 300 new jobs with the production of 1,500 tons of uranium oxide per year.

"The fruitful cooperation between the State Committee for Geology and the Orano Mining (part of the Group) company in this direction will allow us to raise friendly relations between Uzbekistan and France to a new level," the representative stressed.

Orano Group transforms nuclear materials so that they can be used to support the development of society, first and foremost in the field of energy.

The group offers products and services with high added value throughout the entire nuclear fuel cycle, from raw materials to waste treatment. Its activities, from extraction to dismantling, as well as conversion, enrichment, recycling, logistics and engineering, contribute to the production of low-carbon electricity.

Orano and its 16,000 employees bring to bear their expertise and their mastery of cutting-edge technology, as well as their permanent search for innovation and unwavering dedication to safety, to serve their customers in France and abroad.