16 Feb (NucNet): Japan’s Itochu Corporation has signed a 10-year agreement to buy uranium concentrate from Uzbekistan.
The agreement was signed in Japan with Uzbekistan’s state-owned Navoi Mining and Metallurgical Combine.
“Through the long-term contract, we can contribute to securing a stable source of fuel for Japanese utilities,” Itochu said in a statement.
Japan and Uzbekistan also signed a memorandum of understanding on Monday to step up cooperation over the development of natural resources and further enhance trade and investment.
Uranium reserves in Uzbekistan were 12th largest in the world in 2010, with uranium production ranking 7th, account for about five percent of world production.
In 2006, Japan and Uzbekistan signed an agreement aimed at financing the development of the uranium industry in the central Asian country.
That was followed in 2008 by an agreement relating to the promotion and protection of Japanese investments in Uzbekistan, including potential uranium production projects.
The Japan Atomic Industrial Forum said there is keen interest among Japanese companies in “resource diplomacy,” or trading uranium and other resources for participation in mining development projects.
>>Related reports in the NucNet database (available to subscribers)
Japan And Uzbekistan Sign Uranium Agreement (News No. 203, 20 September 2006)
‘Investment Promotion’ Agreement Signed By Japan And Uzbekistan (News In Brief No. 96, 26 August 2008)
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