Tanzania’s Mkuju River Uranium Project Gains Fresh Momentum

Tanzania’s long-delayed Mkuju River uranium project is edging closer to development after renewed political engagement with Russia strengthened investor confidence in the strategic mining venture.
Momentum increased following President Samia Suluhu Hassan’s recent visit to Moscow, where discussions with Russian officials reaffirmed commitments to advance the estimated $1 billion project. Located in the Ruvuma Region, Mkuju River is being developed by Mantra Tanzania Limited, a subsidiary of Rosatom-owned Uranium One Group.

The project was largely suspended after the 2011 Fukushima nuclear accident triggered a collapse in uranium prices, rendering many proposed developments uneconomic. However, stronger uranium markets and growing global investment in nuclear power have revived interest in bringing the mine into production.

According to Tanzania’s Minister for Minerals, Anthony Mavunde, talks in Moscow have accelerated preparations, with several key development stages already completed. The project centres on the Nyota deposit, one of the world’s largest undeveloped uranium resources, containing an estimated 152 million tonnes of ore. Feasibility studies suggest annual production could exceed 4,000 tonnes, positioning Tanzania among Africa’s leading uranium producers.

The development forms part of a broader partnership between Tanzania and Russia’s state nuclear corporation Rosatom. In 2025, the two parties agreed to construct a $400 million uranium processing plant as part of a broader $1.2 billion programme to extract and process approximately 300,000 tonnes of uranium over two decades.
Financing discussions continue with Russian and Tanzanian lenders, while developers are also seeking renewal of the project’s Special Mining Licence before its 2028 expiry.

The renewed investment reflects wider momentum across Africa’s uranium sector. In Mauritania, Aura Energy is targeting a final investment decision on its Tiris uranium project by the end of 2026, while Global Atomic Corporation has secured renewed political backing for the Dasa uranium project in Niger. Russia has also expanded cooperation with Niger through an agreement between Uranium One and state-owned Timersoi National Uranium Company to advance future uranium exploration and mining.

Rising global demand for nuclear energy continues to strengthen the uranium market. Alongside South Africa’s existing nuclear fleet, countries including Egypt, Ghana, Kenya, Nigeria and Rwanda are evaluating nuclear power to improve energy security and reduce emissions. Utilities across Europe, Asia and North America are also increasing long-term uranium procurement, supporting favourable market conditions for new mine developments.

Against this backdrop, Tanzania’s Mkuju River project is well positioned to become a significant contributor to Africa’s uranium production and an increasingly important supplier to the global nuclear fuel market.