US-based start-up NANO Nuclear Energy has signed a memorandum of understanding (MOU) with Argentina-based UrAmerica, a private exploration company with uranium and other critical metals licences primarily in Argentina’s Chubut Province.
The MOU formalises discussions that NANO Nuclear initiated with UrAmerica to explore strategic development across Argentina’s uranium-fuel supply chain. Both companies are evaluating specific opportunities, ranging from mining and conversion to UF₆ feedstock supply, that could help NANO Nuclear secure a dependable source of material for future supply chain options. This could lead to definitive agreements on specific projects.
The government of Argentina, which has significant uranium resources, is considering privatising the nuclear energy sector. NANO Nuclear and UrAmerica aim to build the mining and milling capacities of the uranium supply chain in Argentina with a view to uranium fuel cycle exports into the US.
Under the MOU, the companies will pursue (i) favourable uranium offtake agreements, (ii) potential investments in mineral production and (iii) fuel-cycle infrastructure, and (iv) future joint ventures or related collaboration. NANO Nuclear is seeking to modernise Argentina’s nuclear sector while strengthening US energy security by sourcing materials for nuclear fuel from a reliable partner.
Jay Yu, Founder and Chairman of NANO Nuclear, said: “By collaborating with UrAmerica, we aim to position Argentina as a regional centre for nuclear technology and a reliable supply-chain partner for the United States, strengthening the country’s existing infrastructure while advancing our shared goals.”
NANO Nuclear CEO James Walker noted: “Argentina holds substantial deposits of strategic metals, like uranium, that could be a strategic supplier to us in the future. The timing is also favourable, as the Argentine government is actively looking to reform its nuclear sector to attract international investment.”
Omar Adra, Executive Director & CEO of UrAmerica said the MOU “marks a pivotal step forward in unlocking the vast potential of Argentina’s uranium resources, aligning perfectly with UrAmerica’s mission to drive sustainable and secure critical mineral supply chains. “Our extensive licences package in the San Jorge Basin holds world-class uranium deposits, and through this collaboration, we aim to not only meet the growing global demand for nuclear fuel but also position Argentina as a key strategic partner for the United States in energy security.”
Located within the San Jorge Basin in the Province of Chubut, UrAmerica’s extensive land package has significant exploration potential, containing one of Latin America’s most prolific uranium deposits as well as critical metals such as lithium, rare earths, molybdenum and vanadium.
In October 2011, UrAmerica entered into a Strategic Alliance Agreement with Cameco focused on uranium exploration. A drilling campaign of 24,000m was completed in 18 months. The drilling provided data for a Mineral Resource Estimate (MRE) totalling 27.9m tonnes with an average grade of 310 ppm U3O8. However, in 2013, due to the depressed market for uranium following the accident at Japan’s Fukushima Daiichi NPP, Cameco and UrAmerica agreed to end their partnership.
According to an assessment by artificial intelligence platform Rhea AI, the agreement is preliminary with no binding commitments; the development timeline and investment requirements are not specified; and success depends on Argentina’s government reforms and privatisation progress. “Investors should recognise that MOUs represent preliminary frameworks rather than binding commitments. …. The typical development timeline for uranium mining and processing facilities spans years, requiring significant capital investment and regulatory approvals.”
