French nuclear firm Orano has signed a protocol reported to be worth up to €1.6bn ($1.7bn) with Mongolia that paves the way for the mining of uranium in the landlocked country, the company and the French presidency said.

Orano, formerly Areva, signed the deal during a state visit by Mongolian president Ukhnaa Khurelsukh on Thursday (12 October).

The protocol sets out the framework for an investment agreement that would give Orano exploitation rights alongside a local partner for the Zuuvch-Ovoo mine in Dornogovi province the country’s southwest.