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Orano and Mongolian government finalise $1.6bn uranium deal

France’s Orano and Mongolia’s government have signed an investment agreement to develop a $1.6bn uranium project in the south-east of Mongolia. The agreement was signed on Friday 17 January in Ulaanbaatar by Mongolian and French officials, marking a significant step for both countries. Orano has joined forces with MonAtom Group, the state-owned entity of Mongolia, to collaborate on the development of Zuuvch-Ovoo and Dulaan Uul/Umnut, which have an estimated uranium resource of 90,000t.

Macmahon wins $463m contract at Indonesian gold project

Mining and civil infrastructure services provider Macmahon has been awarded a $463m (A$746.82m) contract by PT Masmindo Dwi Area, a subsidiary of PT Indika Energy, for the Awak Mas gold project in Indonesia. Under the terms of the contract, Macmahon will provide open-cut mining services including drilling, loading, hauling and site development.

Formation Metals acquires N2 property in Quebec

North American mineral acquisition and exploration company, Formation Metals, has announced the execution of an option agreement to purchase a 100% interest in the N2 property in Quebec’s Casa Berardi Gold Trend from Wallbridge Mining Company. Under the option agreement, Formation may acquire full ownership of the N2 property by paying $550,000 (C$792,637) in cash, issuing four million common shares, and completing $5m of work expenditures.

Source: Pharmaceutical Technology

Fortuna Mining seals deal to sell San Jose Mine in Mexico

Canadian precious metals miner Fortuna Mining has announced the sale of its 100% interest in Compañia Minera Cuzcatlan to Minas del Balsas in a deal worth up to $17m. The transaction involves the sale of the San Jose mine in the state of Oaxaca, Mexico. The first instalment of $2m is due at closing, another $2m one year after the closing, and an additional $2m two years after closing. Up to $11m is contingent upon meeting certain conditions.

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