Tanzania and Russia Unveil $1.2 Billion Uranium Venture in Historic Mining Deal

Tanzania and Russia Unveil $1.2 Billion Uranium Venture in Historic Mining Deal

Tanzania has partnered with Russia’s state owned nuclear energy corporation, Rosatom, to launch a $1.2 billion uranium mining and processing project one of the most significant foreign investments in the country’s mining sector to date.

The project, located at the Mkuju River site in Namtumbo District, Ruvuma Region, is set to generate over 4,000 direct jobs and more than 100,000 indirect employment opportunities across industries such as logistics, infrastructure, and energy.

With an estimated reserve of 58,500 tonnes, the Mkuju River deposit is poised to become a major global uranium source.