Mongolian President U.Khurelsukh signed an agreement worth of  USD 1.7 billion investment by French government-owned Orano Mining in October 2023, during his visit to France. The agreement allows Orano to establish Mongolia’s first uranium mining and processing venture. For Mongolia’s landlocked economy, mining partnerships are strategic tools for foreign policy endeavors.

The economic benefits of the Orano agreement are substantial. According to the government, Ulaanbaatar is estimated to earn a total of $1 billion in tax revenue across the forecasted 30-year lifetime of the mine. 20 of these 30 years will be mining operations and 10 years will be reclamation. Mongolia will own 10 percent preference shares.

Since the visit of President U.Khurelsukh to France, 6 sub-working groups have worked on the draft contract. Three international consulting services companies worked on the investment agreement. The agreement will be resolved in early October. After visiting and working with a similar company in Kazakhstan, it was agreed to conclude the negotiations.