Mongolia and France have reportedly signed a $1.7B deal paving the way for French uranium (and lithium) mining in the country.
Why uranium?
France currently operates 56 nuclear power plants, which accounted for over 60% of the country’s electricity needs last year. And Paris is working to reduce its dependence on Russian nuclear fuel and other inputs.
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And why Mongolia? Mongolia’s landlocked location between Russia and China leaves it keen to diversify its partners. And that same strategic location also makes it a priority partner for others:
- 🇨🇳 President Xi hosted his Mongolian counterpart in July, and
- 🇺🇸 The US hosted Mongolia’s prime minister in August.
Intrigue’s take: Resource partnerships with Mongolia aren’t as straightforward as they look. Russia has been attempting to develop the country’s uranium mining sector since the 1950s with little success.
Also worth noting:
- Mongolia holds about 2% of the world’s recoverable uranium.
