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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.

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.

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.

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.