AREVA and Mitsubishi Corporation sign an agreement in Uranium Exploration

Monday, Dec 21, 2009
AREVA and Mitsubishi Corporation agreed terms for a partnership in Mongolia. AREVA has invited Mitsubishi Corporation to participate in the development of its uranium explo-ration assets in Mongolia with the possibility of acquiring 34% of AREVA Mongol over time. This agreement represents a substantial step in the development of uranium resources in Mongolia. Through their joint efforts, AREVA and Mitsubishi Corporation will create value in the exploration and future exploitation of Mongolian uranium resources based on proven expertise, professionalism and sustainable development practices. Mitsubishi Corporation, Japan’s largest general trading company, is seeking to reinforce its assets in the uranium mining industry.

In exchange for a proportional contribution to AREVA’s past and future expenditures in Mongolia, Mitsubishi Corporation will be granted the right to acquire 34% of the equity capital of AREVA Mongol. AREVA Mongol has been conducting successful exploration activities in Mongolia for more than 10 years. AREVA currently holds 36 uranium exploration licenses on more than 14 000 km2 in both the Dornogobi and Sukhbaatar provinces. Among the different areas to be explored, the Dornogobi Province has demonstrated a high potential for uranium. This zone is the primary target with respect to a future exploitation. Future drilling campaigns will be dedicated to identify new possible uranium resources. This contract illustrates how AREVA diversifies its uranium resources to guarantee future supply to all its customers.The group already exploits deposits in Kazakhstan and thus reinforces its presence in the most promising areas of Asia.

Source:Areva Group (www.areva.com)