Aura Energy Ltd (ASX:AEE, AIM:AURA) has tapped Mohamed El Moctar Mohamed El Hacene for the newly established role of country manager for Mauritania, a move designed to advance the company’s Tiris Uranium Project.
Local knowledge, international experience
With El Hacene’s appointment, Aura Energy is well-positioned to navigate the development process, leveraging his local knowledge and international experience to drive the Tiris project forward and contribute to Mauritania’s growing mining industry.
El Hacene, a Mauritanian national with an extensive background in mining and international economic development, will also serve as director general of Tiris Ressources SA, Aura’s 85%-owned Mauritanian subsidiary that holds the Tiris project.
The new country manager brings to Aura a wealth of expertise, having served as Mauritania’s Minister of Petroleum and Mines from 2007 to 2008, coinciding with Aura’s initial uranium discovery at Tiris.
Long stint at the UN
His international career includes a decade with the United Nations, where he was director of the Economic Development and Integration Division at the Economic and Social Commission for Western Asia (ESCWA) based in Lebanon.
From 2011 to 2014, El Hacene was general manager of External Relations for Rio Tinto's Simandou iron ore project in Guinea and he has provided consultancy for mining companies such as Woodside, Société Nationale Industrielle et Minière, Paladin Energy and General Gold, as well as for the World Bank and the African Development Bank.
El Hacene’s academic credentials include a Bachelor of Arts from the École Normale Supérieure in Mauritania, a Master of Science in Mineral Economics from the WA School of Mines at Curtin University and Ph.D. studies in Political Science at the Université de Grenoble.
Project economics
Aura’s decision to bring El Hacene into this role dovetails with the company’s strategic objective to develop the Tiris Uranium Project into Mauritania’s first uranium mine.
A recent production target study estimated a net present value (NPV8) of US$499 million for Tiris, with a payback period of 2.25 years and an internal rate of return (IRR) of 39%.
Additionally, the project recently recorded a 55% increase in mineral resources to 91.3 million pounds of U₃O₈, pointing to significant upside potential and exploration prospects.
Aura Energy managing director and CEO Andrew Grove said: “We are very pleased to welcome Moctar to the Aura Energy team.
“Moctar’s experience is outstanding and his passion for the Tiris Uranium Project and developing the mining industry in Mauritania is formidable.
“Both Aura and Mauritania will benefit significantly from his return to Mauritania after a stellar international career.
“Moctar is a key appointment in driving the development of the Tiris Uranium Project into Mauritania’s first uranium mine.
“The appointment of Moctar as country manager is another important milestone as Aura continues to rapidly progress the Tiris development to realise the significant inherent value in the project as demonstrated in the recent production target update study (US$499million NPV8, 2.25-year payback period and 39% IRR) and the significant upside and exploration potential of the area, part of which was demonstrated by recent 55% increase in mineral resources to 91.3 million pounds U3O8.”