France's Areva unit takes control of Australian uranium exploration project |
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Wed, 14 Feb 2007 06:26
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SYDNEY (XFN-ASIA) - French energy group Areva NC has tripled its stake to 18.5 pct in Northern Uranium Ltd (NTU) and is taking operational control of the uranium explorer's main project - the Gardiner-Tanami project in Australia's Northern Territory, NTU said.The project comprises 9,950 square kilometers of exploration ground in the Granites-Tanami region which extends into Western Australia.NTU said Areva unit Cogema which previously held 6.25 pct, has taken up a placement of six mln shares at 0.80 aud a share.The 4.8 mln aud raised by NTU through the placement will fund further exploration.Areva, owned by the French government, is the world leader in nuclear power.As part of the deal Cogema and NTU have formed a strategic alliance.NTU's Kevin Schultz said Areva will provide technical expertise, noting the French company already has a successful uranium exploration and mining record in Canada.At 4.00 pm, Sydney time, NTU shares were up 0.10 aud or 14.29 pct at 0.80 aud.(1 usd = 1.28 aud)bruce.hextall@xfn.com
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