Buenos Aires looking to reform nuclear sector to attract international investment
Nano Nuclear Energy, a US company specialised in advanced nuclear technologies, has signed a memorandum of understanding with UrAmerica to help modernise and develop Argentina’s nuclear fuel supply chain.
UrAmerica is a private critical metals exploration company holding exploration licences for resources, including uranium, primarily located in Chubut Province in southern Argentina.
UrAmerica’s extensive land package, within the San Jorge Basin in Chubut, contains one of Latin America’s most prolific uranium deposits, the company said.
The MOU formalises negotiations between the two companies around opportunities related to uranium mining and conversion of uranium ore into uranium hexafluoride (UF6), a critical compound for nuclear fuel production.
Discussions could lead to definitive contracts on specific projects, notably in extraction, processing and nuclear fuel supply sectors, Nano Nuclear said.
Both companies are considering uranium purchase agreements and potential investments in mining infrastructure and nuclear fuel cycle facilities.
Other plans include possible joint partnerships and various industrial collaborations aimed at modernising Argentina’s nuclear sector while ensuring a reliable source of critical materials for the US.
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Argentina holds some of the most significant uranium reserves globally. The Argentine government is studying partial privatisation of its nuclear sector to attract international investments and reinforce its industrial and technological capabilities.
According to the Paris-based Nuclear Energy Agency, Argentina’s uranium resources total only about 11,000 tonnes uranium (tU), although Buenos Aires estimates that there is some 80,000 tU as exploration targets.
“Through this MOU, Nano Nuclear and UrAmerica aim to build the mining and milling capacities of the uranium supply chain in Argentina with the intention to be a part of the uranium fuel cycle exports into the US,” a statement said.
“Argentina holds substantial deposits of strategic metals, like uranium, that could be a strategic supplier to us in the future,” said James Walker, chief executive officer of Nano Nuclear.
“The timing is also favourable, as the Argentine government is actively looking to reform its nuclear sector to attract international investment. We look forward to advancing our discussions and exploring future opportunities in South America.”
Argentina’s president Javier Milei has said he wants the country to build nuclear reactors to power technology sectors such as artificial intelligence.
Argentina has three operating commercial power reactors – a Candu unit at the Embalse nuclear station and two Siemens KWU-designed PHWR units at Atucha.
It is building the Carem25 small modular reactor and is planning to build a third unit at Atucha.
