MINEX Forum

Tag: Itochu Corporation

  • Uzbekistan Mining Minister Meets Itochu Corporation to Advance Japanese Investment in Geological Exploration and Critical Minerals

    Uzbekistan Mining Minister Meets Itochu Corporation to Advance Japanese Investment in Geological Exploration and Critical Minerals

    Uzbekistan’s Minister of Mining Industry and Geology Bobir Islamov has met with representatives of Japan’s Itochu Corporation to discuss expanding cooperation in mining and geological exploration, with a focus on attracting Japanese investment and advanced technologies to Uzbekistan’s growing minerals sector.

    The meeting took place on the sidelines of the fifth Tashkent International Investment Forum and was attended by officials from the Ministry of Mining Industry and Geology and state-owned uranium producer Navoiyuran. The parties reviewed opportunities to advance prospective joint projects and strengthen investment flows into Uzbekistan’s mineral resources sector.

    Itochu is one of Japan’s largest general trading companies, operating across metals and minerals, energy, machinery, chemicals, food and infrastructure in more than 60 countries. The corporation already has a footprint in Uzbekistan’s uranium sector through a joint uranium enterprise in Navoi involving Navoiyuran, making the meeting a natural extension of an existing commercial relationship.

    The discussions reflect Uzbekistan’s broader strategy of attracting foreign capital and technological expertise to develop its substantial mineral endowment — including uranium, gold, copper and a growing portfolio of critical minerals — as the country seeks to move beyond raw material extraction toward value-added industrial production. Japan’s interest in Central Asian minerals is driven by structural necessity: the country is entirely dependent on mineral imports and has been systematically diversifying supply chains away from Chinese dominance through government-backed engagement across the region.

  • Orano Launches Uranium Mining Project in Uzbekistan with Nurlikum Mining JV

    Orano Launches Uranium Mining Project in Uzbekistan with Nurlikum Mining JV

    French nuclear fuels company Orano announced on Wednesday that it will begin developing the South Djengeldi uranium mining project in Uzbekistan. This initiative is part of its Nurlikum Mining joint venture with Navoiyuran, Uzbekistan’s state-owned mining company. The project is expected to operate for over a decade, with peak production projected at 700 metric tons of uranium annually, according to Orano’s statement.

    In a significant development, Japan’s ITOCHU Corporation has acquired a minority stake in the joint venture. The partners plan to launch an exploration program aimed at at least doubling the joint venture’s mineral resources. This collaboration underscores the growing international interest in Uzbekistan’s uranium reserves and highlights the country’s strategic importance in the global nuclear energy sector.

    The South Djengeldi project marks a key step in Orano’s expansion efforts and strengthens its partnership with Uzbekistan, a country rich in uranium resources. The involvement of ITOCHU Corporation further enhances the project’s potential, bringing additional expertise and investment to the venture.

  • Navoiuran State Enterprise: Perspective Plans Discussed with Itochu Corporation

    Navoiuran State Enterprise: Perspective Plans Discussed with Itochu Corporation

    A high-level meeting took place in Uzbekistan at the state enterprise ‘Navoiuran’ with a delegation from the Japanese corporation Itochu Corporation, led by Daisuke Inoue, Executive Director and Chief Operating Officer of the Metals and Mineral Resources Department.

    The Japanese delegation was warmly received by the enterprise’s management, headed by Director General J. Faizullaev. During the discussions, the enterprise’s leadership emphasised the long-standing cooperation with Itochu Corporation, highlighting the relationship’s foundation of mutual trust and friendship.

    While the specific details of the perspective plans were not fully elaborated in the initial report, the meeting signals continued collaborative efforts between Navoiuran State Enterprise and the prominent Japanese corporation.

    The engagement underscores the ongoing international business relationships and strategic partnerships in the metals and mineral resources sector.

  • Uzbekistan’s Uranium Deposits Attract Foreign Investors

    Uzbekistan’s Uranium Deposits Attract Foreign Investors

    Representatives of the China Nuclear Uranium Corporation (CNUC) met with the general director of state company Navoiuran, Jamal Faizullaev, to discuss the possibility of mining black shale uranium at the Jantuar and Ma’danli deposits in the Navoi region of Uzbekistan. Samples have already been taken from the deposits to complete geological studies.

    According to the International Atomic Energy Agency (IAEA), Uzbekistan ranks seventh in the world in terms of uranium reserves, and fifth in terms of uranium production. Until 1991, all uranium mined and processed in Uzbekistan was shipped to Russia, but since 1992, virtually all Uzbek uranium has been exported to the U.S. and other countries through Nukem Inc. In 2008, South Korea’s Kepco signed agreements to purchase 2,600 tons of uranium over six years through 2015 for about $400 million. In May 2014, China’s CGN agreed to purchase $800 million worth of uranium through 2021.

    In November 2023, state-owned Navoiuran and China National Nuclear Corporation (CNNC) signed a memorandum of cooperation on uranium mining and processing. CNNC is the main investor in Chinese nuclear power plants. The company currently has 22 operating units, six units under construction, and is the largest uranium producer in China.

    Besides Chinese investors, Uzbek uranium reserves continue to attract other major market players. In January 2006, Russia’s Techsnabexport, a subsidiary of JSC Atomredmetzoloto, signed a memorandum of understanding with Navoi Mining and Metallurgical Combine (NMMC) and the State Committee on Geology (Goskomgeologiya) to establish a joint venture for uranium mining at the (JV) Aktau deposit. The JV was originally scheduled to begin operations in late 2006, but after four years of negotiations, no agreement was reached, and Russia withdrew in mid-2010.

    In October 2007, Japan’s Itochu Corporation agreed with NMMC to develop technology for the extraction and processing of black shale uranium at the Rudnoye deposit. In mid-2008, Mitsui & Co. signed a basic agreement with Goskomgeologiya to establish a JV for geological research in the development of black shale uranium resources at the Zapadno-Kokpatasskaya mine, 300 km northwest of Navoi. Then, in mid-2009, Goskomgeologiya and the Japan Oil, Gas and Metals National Corporation (JOGMEC) signed an agreement on exploration for uranium and rare-earth metals in the Navoi region with the stipulation that JOGMEC receive 50% of the extracted raw materials. In August 2013, JOGMEC received a license for uranium exploration at two sandstone deposits for five years.

    During the November 2023 state visit by French President Emmanuel Macron to Uzbekistan, President Shavkat Mirziyoyev held a meeting with Orano Chairman, Claude Imoven. The meeting discussed the prospects of cooperation with the French company in the field of geological exploration and uranium mining in Uzbekistan. France’s Orano is the world’s largest producer of uranium and nuclear fuel, with assets totalling €29 billion.

    Uzbekistan’s uranium production increased to 3,560 tons in 2022 from 2,385 tons in 2015. Furthermore, President Mirziyoyev has approved an ambitious uranium production target of 7,100 tons in 2030.