Uzbek Overseas Geology will participate in uranium exploration in Mongolia
ULAN-BATOR. Sept 9 (Interfax) - Uzbek Overseas Geology Company and the Mongolian companies Mon Atom and Adamas Mining have reached an agreement to conduct joint geological exploration works on prospective uranium-bearing sites in Mongolia for their further development, Mongolian media reported.
The general director of Uzbek Overseas Geology Company, Khaitboy Omonov, and the chief geologist of the Navoi Institute of Uranium and Rare Metals Geology, Khusniddin Olovov, held a meeting with representatives of the Mongolian companies, during which the prospects for cooperation between the two countries in the field of geology were discussed, the media said.
"The focus of the dialogue was on synergy in the geological sector, in particular, the possibility of joint uranium mining at deposits in Mongolia combined with conducting geological exploration work in these territories and adjacent regions," the media said.
The parties agreed to expand mutually beneficial cooperation and conduct joint geological exploration work.
Uzbek Overseas Geology Company is part of JSC Uzbekgeologorazvedka, established in 2021 to provide services for geological exploration work in Uzbekistan.
Currently, at least ten uranium deposits have been discovered in Mongolia. The majority are concentrated in the east of the country - in the provinces of Dornod, Dornogovi and Dundgovi.
The largest of them is the Zoovch-Ovoo deposit. At the end of 2024, the Mongolian government and France's Orano Mining signed an agreement to develop a uranium mining project at the deposit. According to preliminary data, the project's investment amounts to $1.6 billion.
The preparatory phase of the project is designed to last until 2027, with mining itself set to begin in 2028. According to preliminary estimates, it was expected that the deposit would yield 2,600 tonnes of uranium ore per year by 2044. Ore reserves are estimated at no less than 200 million tonnes, which would provide up to 2%-4% of global supplies.
The Zoovch-Ovoo deposit is located in the Ulaanbadrakh district of Dornogovi province in south-eastern Mongolia. Development of the deposit began back in 2013, but the site was not brought to the active mining stage.
Prior to Zoovch-Ovoo, uranium was mined in Mongolia in the 20th century by Russian companies at the Dornod deposit. Mining ceased in 1995.
If the new Mongolian-French project is implemented, Zoovch-Ovoo could become the largest mining operation in Mongolia. Currently, the Oyu Tolgoi copper-gold deposit, located in the Gobi Desert 80 km north of the border with China, holds this status.
