Australia's Aura Energy Completes US$350 Million Uranium Mine Feasibility Study in Mauritania

en.Wedoany.com Reported - On October 16, Australian mining company Aura Energy announced the results of a Bankable Feasibility Study (BFS) for the Tiris uranium project in Mauritania. The project is expected to require development capital expenditure of US$349.8 million, with a designed mine life of 26 years, cumulative saleable triuranium octoxide (U₃O₈) of more than 46 million pounds, and average annual production of approximately 1.8 million pounds. The company plans to make a final investment decision in December 2026, with the goal of achieving first production by the end of 2028.

The study updated the ore reserve to 74.6 million tonnes at an average U₃O₈ grade of 227 g/t, containing 37.3 million pounds of U₃O₈, including 16.4 million pounds in proven reserves and 20.8 million pounds in probable reserves corresponding to indicated resources. Uranium mineralization in the mining area occurs in near-surface calcareous sedimentary layers, typically 5 to 15 meters thick, and open-pit mining without blasting is planned. The mining plan features autonomous electric haulage vehicles, with up to 23 mining trucks deployed.

The beneficiation system consists of two relocatable modular beneficiation plants, each designed for a maximum annual ore processing capacity of 2.5 million tonnes. After scrubbing and multi-stage screening, the enriched uranium-bearing fine material is conveyed to a fixed wet processing plant. According to the feasibility study estimates, the beneficiation stage rejects approximately 88% of the run-of-mine ore mass on average, upgrading the average U₃O₈ grade from 225 g/t to 1,697 g/t, with a beneficiation recovery of 91.9%. The wet processing plant is designed to process 550,000 tonnes of enriched feed per year, using centrifugal dewatering, alkaline leaching and subsequent uranium product recovery processes, with an overall uranium recovery from ore to final product estimated at 83.7%.

In the economic assessment, Aura Energy adopted a long-term U₃O₈ price assumption of US$90 per pound, with an estimated post-tax net present value of approximately US$500.3 million, a post-tax internal rate of return of 28%, and a payback period of 3.2 years from first production. Direct cash costs are estimated at US$32.53 per pound, and all-in costs including sustaining capital expenditure at US$41.25 per pound. The above economic estimates are on a 100% project equity basis.

The feasibility study also clarified project financing, verification testing and construction arrangements. Aura Energy's financing model assumes total funding of US$400 million, comprising US$220 million in debt financing and US$180 million in equity and equity-like funding. The company is in advanced discussions with the U.S. International Development Finance Corporation (DFC) for US$150 million to US$170 million in senior debt financing, and has signed a non-binding memorandum of understanding with an international nuclear power company covering potential equity investment, uranium offtake and technical cooperation. The above financing has not yet resulted in final funding commitments.

The pilot plant located at Bir Moghrein in Mauritania is scheduled to operate from November to December 2026, using more than 80 tonnes of different ore types to verify the complete beneficiation and metallurgical process. Formal mine construction is planned to commence in the first quarter of 2027, with a construction period of approximately two years. The project plans to adopt a solar hybrid power supply system built and operated by an independent power producer, supported by groundwater extraction facilities at the mining site, and the beneficiation plant and mine haulage system will progressively introduce remote control and automated equipment.