• Aura Energy plans to raise $230 million for Tiris uranium mine in Mauritania
• Philip Mitchell appointed executive chairman to lead project toward investment decision
• Tiris could become Mauritania’s first uranium mine, producing by 2027

Aura Energy is positioning its Tiris uranium project to become Mauritania’s first uranium mine, with a funding target of $230 million to reach a final investment decision (FID).

In a statement released on June 10, Aura Energy announced the appointment of Philip Mitchell as executive chairman. Mitchell, who previously served as non-executive chairman and held senior roles at Rio Tinto and Anglo American, is expected to lead the project through this critical financing phase. The company aims to reach its FID by the end of 2025.

“The appointment of Philip strengthens our leadership as we enter this critical phase of financing and bringing Tiris into production. His experience will be invaluable in identifying and finalizing the best financing and development options,” said Andrew Grove, CEO of Aura Energy.

Aura is seeking an initial investment of $230 million to construct the mine. The company disclosed in March that it is in talks with a Western development bank to secure between 50 and 60 percent of the required capital. Further details on additional financing sources have not yet been shared.

With all regulatory approvals in place, Aura Energy plans to begin production at Tiris in 2027. The mine is expected to yield 2 million pounds of uranium annually. The Mauritanian state may hold up to a 20 percent stake in the project, which is projected to generate significant new revenue as global interest in civil nuclear energy continues to grow.