Japan’s Itochu becomes minority shareholder in new joint venture
French nuclear fuels company Orano and Uzbekistan’s state-owned uranium producer Navoiyuran have formalised an agreement for the industrial development of the South Djengeldi uranium mining project.
Under the agreement, the South Djengeldi project will be developed by Nurlikum Mining, a joint venture (JV) between Orano and Navoiyuran.
The announcement comes just weeks after chief executive officer Nicolas Maes said Orano said it was looking to increase output of uranium from new mines to meet rising demand from the nuclear power industry and offset production from its stalled projects in Niger.
State-owned Orano has had problems exporting uranium from its mines in Niger since the country was taken over by a military junta in 2023 and said late last year it had lost control of its majority-owned Somair uranium mine there. The company announced in October 2024 it would be halting its uranium production in Niger, citing a “highly deteriorated” situation and its inability to operate.
In January Orano signed a $1.6bn (€1.5bn) investment agreement for the development and operation of the Zuuvch-Ovoo uranium mine in Mongolia’s southeastern Dornogovi province.
The South Djengeldi project in Uzbekistan is due to be integrated into Navoiyuran’s existing industrial base, with Navoiyuran serving as the project operator, Orano said in a statement.
The deal also sees Japan’s general trading and investment company Itochu become a minority stakeholder in Nurlikum Mining.
The South Djengeldi project is expected to sustain production for more than a decade and reach a peak annual production capacity of 700 tonnes of uranium.
The project is part of a larger cooperative programme with Navoiyuran, outlined in a framework agreement signed in 2022 by Orano with Uzbekistan.
The partners have since expanded their alliance to include the exploration and development of new uranium mines in Uzbekistan.
The collaboration will also launch an exploration initiative aimed at doubling the JV’s mineral resources.
Orano senior executive vice-president Xavier Saint Martin Tillet said: “This project contributes to diversifying the group’s production sources. This new phase was made possible by the work undertaken over the past five years in Uzbekistan.
“Orano aims to bring its geological and technical expertise to the further project’s development and, in doing so, support the expansion of the company’s operations.”
The Djengeldi area in the Kyzylkum desert, known for its rich uranium deposits, has been a production site for decades.
