Japan's Mitsubishi Corp acquires 50 pct stake in Canadian uranium mining project |
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Wed, 11 Apr 2007 06:27
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TOKYO (XFN-ASIA) - Mitsubishi Corp said it will acquire a 50 pct interest in a Canadian uranium mining project through a wholly owned Australian unit.In exchange for the stake in CanAlaska Uranium Ltd's West McArthur operation, Mitsubishi Development Pty will shoulder exploration costs of 11 mln cad, or about 1.14 bln yen, the Japanese company said in a written statement.The Nikkei business newspaper earlier reported that mine production is estimated to commence as early as 2016, but the company said it is still on research and has not specified the timing of the start of production.The West McArthur uranium exploration project is located in the Athabasca Basin in Canada's Saskatchewan province.The basin accounts for roughly 30 pct of the world's uranium production, thanks to large quantities of high-quality ores that contain 3-5 pct uranium, compared with the typical 1 pct or less elsewhere, the Japanese company said.(1 usd = 119.24 yen)kaori.kaneko@xfn.com
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Mitsubishi Corp acquires 50 pct stake in Canadian uranium mining ops - report 