Aura Energy is advancing plans for Mauritania’s first uranium mine after a bankable feasibility study valued the Tiris project at an estimated US$500. 3 million on a post-tax, ungeared basis.
Tiris, in the Tiris Zemmour region of northeastern Mauritania, is designed as a shallow, open-pit operation using relatively soft ore that can be mined without drilling or blasting. Construction is expected to take roughly two years, with first production targeted by the end of 2028.
The updated costs are substantially higher than earlier estimates. Aura attributed the increase to more advanced process-plant engineering, purchased mining equipment, escalation in equipment prices, higher contingency and increased reagent consumption.
Financing remains unresolved. Aura is discussing approximately US$150 million to US$170 million in senior debt with the U.S. International Development Finance Corporation and has a non-binding proposal from a major U.S. A separate non-binding memorandum with an unnamed international nuclear utility covers potential strategic investment, funding support, uranium offtake and technical cooperation. The feasibility model assumes US$400 million in total funding, but no lender or investor has made a binding commitment.
A pilot plant at Bir Moghrein is scheduled to begin operating in November and process about 80 tonnes of Tiris ore to validate the full flowsheet. Aura is targeting a final investment decision in December 2026. Security will also be part of the development challenge: the project lies in a high-risk border region where the army manages security and has cleared artisanal miners from a strip along the Algerian frontier. The company’s plans will therefore need to operate alongside Mauritanian security arrangements and address local concerns about water and radiation.