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Argentina - Russia: MoU on uranium exploration and mining signed
Recently, in the context of President Mauricio Macri's official visit to the Russian Federation, Foreign Minister Jorge Faurie signed a memorandum of understanding on uranium exploration and mining in Argentina.
The memorandum was signed by Minister Faurie on behalf of the Minister of Science, Technology and Productive Innovation, Lino Barañao, by the CEO and President of URANIUM ONE GROUP, Vasily Konstantinov, and by the President of UrAmerica Argentina S.A., Omar Adra.
The main purpose of the memorandum is to promote cooperation and joint development between both countries, taking into account that the uranium extraction method known as "In Situ Recovery", developed by Uranium One, is the most efficient method due to its low costs and minimal environmental impact, given that it does not require soil removal. In addition, this technology is employed in approximately 50% of global uranium production, and Argentina would thus pioneer its application in Latin America.
The signing of the memorandum seeks to position Argentina as a global uranium producer in the region and to fully satisfy Argentine demand for this metal from now on, until UrAmerica starts its own production and our country gradually becomes self-sufficient in uranium.
Planned investment in this project amounts to USD 250 million, which is estimated to create around 500 jobs.