Australian mining company Aura Energy recently increased its production target for the Tiris Uranium Project in Mauritania, extending the life-of-mine from 17 to 25 years and increasing total targeted uranium production by 44%. The expanded mineral resource estimate now stands at approximately 91.3 million pounds of uranium oxide, holding the potential to boost Mauritania’s economy and export revenues. While the uranium mining sector is still in its early stages, exploration activities are ongoing and the country shows promising potential for new discoveries.
Current Exploration Projects
Set to begin production by 2026, Aura Energy’s Tiris Uranium Project serves as the country’s leading uranium development. The project is situated in the Sahara Desert in northeastern Mauritania and is estimated to hold approximately 91.3 million pounds of uranium oxide. The mine marks a significant milestone in the diversification of Mauritania’s mining sector, which is a key contributor to GDP and has concentrated primarily on iron ore, gold, copper and phosphates to date.
In addition to the Tiris deposit, Mauritania’s Rgueïbat Shield area also contains 14 other calcrete uranium deposits, estimated to hold around 100 million pounds of uranium oxide, as well as three granite-hosted deposits containing approximately 25.4 million pounds of uranium oxide. Beyond these confirmed reserves, uranium occurrences have also been reported in the Tasiast-Tijirit Terrane of the Archean Rgueïbat Shield, the Mauritanide Belt and the Coastal Basin, offering prospects for future discoveries.
Global Price Surge
Between December 2023 and January 2024, global uranium prices surpassed $100 per pound, with projections estimating that prices could reach $150 per pound between 2025 and 2027. This surge in pricing is expected to be driven by increased demand from countries expanding their nuclear energy programs. Uranium is used to power commercial nuclear reactors that generate electricity, as well as produce isotopes used for medical, industrial and defense applications around the world.
With plans to begin exports by 2026, Mauritania is well-positioned to benefit from rising global demand and market prices for uranium. Uranium exports could provide a significant boost to national revenue, enabling further investment in uranium projects and associated infrastructure development. This may also open up opportunities for the country to develop its own domestic uranium economy – spanning uranium conversion and enrichment facilities, fuel fabrication plants, nuclear power reactors, waste management and disposal, and power transmission infrastructure – as demand for low-carbon energy like nuclear power continues to grow.
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