29 Jun (NucNet): Japanese utilities are to take part in feasibility study for a new uranium mine development project in the state of Western Australia. The study will be carried out by the Canadian uranium mining company, Mega Uranium Ltd.
Mega Uranium said on 18 June 2009 that final documentation had been completed relating to its sale of 35 percent of the Lake Maitland project to JAURD (the Japan Australia Uranium Resources Development Company Ltd) and ITOCHU Corporation (ITOCHU).
JAURD’s shareholders are Kansai Electric Power Company, Kyushu Electric Power Company, Shikoku Electric Power Company and ITOCHU, which is one of the world’s largest uranium trading houses.
Under the terms of the deal, JAURD and ITOCHU will make initial payments to Mega Uranium to fund feasibility studies of the Lake Maitland project and make further payments subject to “favourable results” from the feasibility studies.
Mega Uranium acquired Lake Maitland in December 2006. In state elections held last September The Australian Labor Party, which had an anti-uranium stance, lost its majority in Western Australia.
Details of the deal are on Mega Uranium’s website (www.megauranium.com).
>>Related reports in the NucNet database (available to subscribers)
Cameco And Cogema To Sell Australia Uranium Company Shares (News in Brief No. 88, 11 October 2005)
Japanese Utilities Join Australia Uranium Exploration Project (World Nuclear Review No. 21, 6 June 2008)
Uranium Industry Welcomes New Government In Western Australia (News in Brief No. 108, 16 September 2008)
