Aura has changed the board of directors to promote the Tiris uranium project in Mauritania

Aura has changed the board of directors to promote the Tiris uranium project in Mauritania

Aura Energy plans to establish the Tiris uranium mine in Mauritania and is seeking $230 million in Final Investment Solution (FID) financing. On June 10, the company appointed Philip Mitchell as executive chairman, which should help move the project towards the FID scheduled for the end of 2025.

CEO Andrew Grove noted that the appointment strengthens management at an important time in the search for funding. Aura Energy has already received the necessary permits and is negotiating with a Western bank for 50-60% of the capital, but there is no specific information about the progress of negotiations.

The Tiris project, which is scheduled to start operating in 2027 and produce about 2 million pounds of uranium per year, is important amid growing interest in nuclear energy and could provide Mauritania with up to a 20% stake in the mine.