• Rosatom plans to begin production at Mkuju River uranium project by 2029.

• Construction is set to start in Q1 2026, with annual output of up to 3,000 tons.

• The mine could create over 4,000 jobs amid rising global uranium demand.

Mantra Tanzania, the local subsidiary of Russian state nuclear company Rosatom, aims to bring its Mkuju River uranium project into operation by 2029. The announcement came on July 30 during the launch of a pilot uranium processing plant on-site.

Mkuju River is set to become Tanzania’s first uranium mine. Initially halted in 2017 due to falling global uranium prices, the project has regained momentum in recent months. The pilot plant is expected to help refine the mine’s development plan, with Rosatom using its results as a basis for designing the main processing facility.

Construction of the mine is scheduled to begin in the first quarter of 2026. Once operational, Mkuju River could produce up to 3,000 tons of uranium annually and create more than 4,000 jobs in Tanzania’s mining sector.

The project revival comes at a favorable moment for the uranium market. In January 2024, uranium prices crossed $100 per pound for the first time since 2007, driven by renewed global interest in civil nuclear energy. According to the World Nuclear Association, uranium demand is expected to rise by 28% between 2023 and 2030, and by 51% between 2031 and 2040.

While Rosatom is positioned to benefit from this market growth, details about the project remain limited. Past estimates placed the total development cost at $1.2 billion. A strategic environmental assessment for the mine was also launched in November 2024. Further updates will be critical to clarify the full scope and implementation timeline of the project.