Japan’s Corporate News said that the Mitsubishi Corporation has agreed with AREVA to terms for joint participation in significant uranium exploration projects in Mongolia’s Dornogobi and Sukhbaatar provinces. In exchange for a proportional contribution to AREVA’s past and future expenditures in Mongolia, Mitsubishi will acquire the right to purchase 34 percent of the share capital of AREVA Mongol, an indirect owner of the exploration rights of these licenses and a wholly-owned subsidiary of AREVA.

According to the report, AREVA has been successfully conducting uranium exploration activities in Mongolia for more than 10 years, and currently holds 36 uranium exploration licenses on more than 14,000 km2 in both the Dornogobi and Sukhbaatar provinces. The Dornogobi province has demonstrated high potential for large uranium resources. AREVA and Mitsubishi Corporation will continue with both additional exploration, and developmental drilling and studies aimed at supporting the potential for future exploitation.

Producing lower levels of greenhouse gas emissions from other forms of power generation, nuclear energy is gathering attention as an environment friendly form of energy production. This project aims to provide a stable supply of uranium for nuclear power generators thereby contributing to the prevention of further global warming. AREVA is a French-based, world-leading nuclear energy company with a significant presence in each industrial activity linked to the nuclear energy industry such as mining, processing, combustibles, nuclear reactors, treatment and recycling.

Mitsubishi Corporation, through its subsidiaries, has been promoting uranium exploration and development projects in Canada and Australia for many years. Currently, Mongolia has the world’s 15th largest national uranium resource inventory and reportedly contains the highest uranium exploration potential of any country.

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