Uzbekistan Nurlikum Mining JV Restructuring — Navoiyuran/Orano/ITOCHU South Djengeldi Uranium

Mechanism

The Nurlikum Mining joint venture restructuring converts the South Djengeldi deposit from exploration-phase to full industrial-development status. The shareholding structure (Navoiyuran 45% / Orano 45% / ITOCHU 10%) mirrors the classic resource-nationalism template: the state enterprise retains equal economic exposure to the French partner while ITOCHU's minority stake provides Japanese offtake positioning and partial project financing.

The ISL (in-situ leaching) extraction method used at South Djengeldi is the same technique that underpins Uzbekistan's existing uranium production base, meaning the project benefits from established local operational expertise. With planned output of ~500 tU/year over a ten-year mine life, South Djengeldi is a modest but meaningful addition to the Western- aligned uranium supply picture — approximately 0.8% of 2024 global primary uranium production.

This JV is a direct realisation of Presidential Resolution PP-319 (July 2022), which directed Navoiyuran to more than double total uranium output to 7,100 tU/year by 2030. The South Djengeldi partnership is one of several international JV instruments through which Uzbekistan is executing that programme with Western and allied capital rather than Russian or Chinese investment.

Supply-chain significance

Orano (formerly AREVA) is France's state-controlled nuclear fuel cycle group and a primary uranium supplier to European nuclear utilities. Its 45% stake in Nurlikum Mining gives French and, by extension, EU utilities a direct equity stake in a new primary uranium stream that bypasses the Kazakhstan/Russia corridor. ITOCHU's 10% stake secures a Japanese offtake avenue, consistent with Japan's post-Fukushima reactor restarts and diversification away from spot markets.

The project is geographically located within the Kyzylkum mineral belt, which hosts Uzbekistan's established Navoi Mining and Metallurgical Combine (NMMC) infrastructure — South Djengeldi benefits from proximate processing capacity.

Downstream implications

• Adds ~500 tU/year of Western/Japan-equity-backed supply distinct from Kazatomprom and

Rosatom-controlled streams — incremental diversification for EU and Japanese utilities.

• Strengthens Uzbekistan's positioning as a preferred G7-aligned uranium supplier,

complementing the 2024 US-UZ Critical Minerals MOU framework.

• Signals that Navoiyuran is executing the PP-319 capacity targets through international

JV structures rather than Russian-backed financing (contrast with earlier ROSATOM involvement in Uzbek nuclear power projects).

• ITOCHU's 10% stake is consistent with Japanese trading-house pattern of securing offtake

options through minority JV stakes (cf. ITOCHU positions in African copper/cobalt).

Open questions

• Whether South Djengeldi production-start has been confirmed post-Q4 2025 target.
• Whether additional offtake agreements have been signed between Orano/ITOCHU and

specific European or Japanese utilities.

• Confirmation of whether a companion implementing decree from the Ministry of Energy

formalises the JV's operating licence under the 2024 Subsoil Law (Loi LRU-987).