Uranium exploitation is a strategic shift in the mining industry in Mauritania (Mauritanian press)
The Australian company for mineral exploitation and extraction, Ora, has received final approval from the Mauritanian authorities to exploit the Tiris uranium mine in the north of the country, paving the way for it to make a final investment decision in the first quarter of 2025.
The company explained, in a statement, that the Mauritanian National Authority for Radiation Protection, Nuclear Safety, and Security granted it a license to exploit the Tiris uranium mine.
They pointed out that this approval is an important step in its path, as it allows it to start uranium extraction operations from this mine without a limit on the size of future production.
Australian company approval opens the door to the possibility of expanding the production rate to more than two million pounds of uranium annually, which enhances the company’s position as a major contributor to the global uranium market.
The company explained that the initial exploration operations and technical evaluations have shown great potential for the mine, which makes it one of the most promising projects in Africa, noting that it will immediately begin preparing the equipment and infrastructure necessary to start production as soon as possible.
Strategic transformation
For its part, the Mauritanian National Authority for Radiation Protection, Safety, and Nuclear Security expressed its optimism about the future of this project, stressing that all the necessary steps and procedures to ensure the safety of operations have been verified before granting final approval.
The step represents a strategic shift in the mining industry in Mauritania, as the project is expected to enhance the state’s revenues and provide new job opportunities for citizens, in addition to strengthening Mauritania’s position as a major player in the global energy market.
Australian managing director and CEO Andrew Grove said: “We are exceptionally satisfied with the extremely elevated degrees of help and certainty shown by the Mauritian Government towards Emanation and the improvement of a long haul, universally critical uranium mining industry in Mauritania, beginning with Tiris.
“The last endorsement and arrangement of the between pastoral council are significant stages as we quickly progress towards FID and fostering a uranium mine at Tiris in the close to term.
“There are likewise various exercises under way that ought to tangibly improve Tiris’ Venture FEED financial aspects of NPV US$388M and IRR 36% after charge. We anticipate keeping investors and partners informed with respect to Atmosphere’s and Tiris’ fast advancement.”
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