Orano Gets Go-Ahead From Mongolia for $1.6 Billion Uranium Mine

France’s Orano SA got the go-ahead from Mongolia’s government to develop a $1.6 billion uranium project in the country.

Mongolian and French officials signed an investment agreement Friday in Ulaanbaatar, the French state-controlled mining company said in a statement. Orano and Mongolia’s state-owned MonAtom Group will together develop deposits holding an estimated 90,000 tons of uranium.