France’s Foreign Minister, Catherine Colonna, is embarking on a visit to Mongolia with the aim of advancing a potential 1 billion euro uranium deal for the nuclear group Orano, as per French diplomatic sources. The French government hopes to finalize the agreement by autumn.
In May, President Emmanuel Macron made a stop in Ulaanbaatar after attending a G7 summit in Japan. During his visit, he expressed mutual interest in enhancing French energy sovereignty through the supply of critical metals sourced from Mongolia.
Orano, an established uranium producer operating in Canada, Kazakhstan, and Niger, has been actively engaged in Mongolia for over 25 years, conducting exploration activities. The company, in collaboration with Mongolian state-owned Mon-Atom, is currently working with Mongolian authorities to establish an investment agreement for the Zuuvch Ovoo project. This project is one of two for which their joint venture, Badrakh Energy, obtained mining licenses in 2015.
While nearly 80% of Mongolia’s exports are currently directed towards China, the mineral-rich country is actively seeking to expand its trade and mining partnerships beyond its immediate neighbors, China and Russia. Mongolia aspires to become a link between Europe and Asia and possesses significant deposits of rare earth minerals. These minerals play a crucial role in various high-tech manufacturing processes and find application in electric vehicles, wind turbines, portable electronics, microphones, and speakers.
