AREVA, Mitsubishi enter into uranium exploration agreement

AREVA and Mitsubishi Corporation, through their respective subsidiaries Afmeco Mining and Exploration (AFMEX) and Mitsubishi Development (MDP), have entered a uranium exploration programme in Australia.

According to AREVA, exploration will be conducted for several years across tens of thousands of square kilometres of Australia where little or no previous exploration has yet been undertaken.

Under the terms of the agreement, MDP will cover 100 per cent of AFMEX’s exploration expenditure for several years up to a predetermined amount.

Once the threshold is reached — and if MDP confirms its interest — MDP will have the option to acquire 49 per cent of the greenfield uranium exploration permits held by AFMEX in Australia and enter into a joint venture owned 51 per cent by AFMEX and 49 per cent by MDP.

The operations of the new joint venture will be managed by AFMEX.