Areva and Mitsubishi in pact to seek new uranium deposits in Australia

Areva and Mitsubishi in pact to seek new uranium deposits in Australia by I-Nuclear

Areva and Mitsubishi have entered an agreement that will see the companies exploring tens of thousands of square kilometers of Australia for uranium over several years, Areva said May 15.

Mitsubishi subsidiary Mitsubishi Development Pty Ltd. (MDP) will fund 100% of the cost of the exploration program under the agreement between MDP and Areva subsidiary Afmeco Mining and Exploration Pty Ltd (Afmex).

MDP will fund the exploration up to an unspecified but predetermined amount, Areva said.