(Ecofin Agency) - Set to begin production in 2026, the Tiris project is poised to become Mauritania's first uranium mine. Initial estimates put the project’s output potential at around 2 million pounds per year over 17 years, but a new mineral estimation could enhance these figures.

On April 10, Australian mining company Aura Energy released exploration for its Tiris uranium project in Mauritania. The ongoing 15,000-meter drilling program, initiated several months ago, aims to increase mineral resources to boost the future mine's production capacity, potentially extending its lifespan.

Expected to be Mauritania's first uranium mine in 2026, Tiris will make the country West Africa’s second-largest uranium producer, after Niger. The project could yield about 2 million pounds per year over 17 years. 

Since December, the exploration program has identified two new high-grade mineralization zones, along with several extensions of known mineralization in other areas. A new mineral resource estimate is anticipated by the end of the second quarter.

"The drilling results at Tiris continue to demonstrate the significant potential for increasing the project's mineral resources beyond the current 58.9 million pounds of uranium [...]. Additional mineral resources may create opportunities for future increases beyond the currently proposed annual production rate," explains Andrew Grove, CEO of Aura Energy.

Both demand and prices in the global uranium market are expected to rise long term. Considering a uranium price of $80 per pound, Mauritania's first uranium mine could generate $2.25 billion in revenue. Tiris is controlled 15% by the Mauritanian government and 85% by Aura Energy.

Emiliano Tossou