Mitsubishi joins Areva's Mongolia uranium projects

TOKYO, Dec 21 - Japanese trading house Mitsubishi Corp <8058.T> said on Monday it has agreed to participate in France's Areva-led uranium exploration projects in Mongolia.

The Japanese firm said that in exchange for contributing to Areva's past and future expenditures in Mongolia, it will acquire the right to buy 34 percent of Areva Mongol, a wholly owned subsidiary of Areva.

A Mitsubishi spokesman declined to comment on the value of its contribution.

"Areva currently holds 36 uranium exploration licenses on more than 14,000 km2 in both the Dornogobi and Sukhbaatar provinces," Mitsubishi said in a statement.

Source:Reuters news agency