mitsui takes interest in honeymoon mine

Article from Mews.com 16.10.08

What implications for CUY who are in the same general area. Obviously still a lot of overseas interest in acquiring positions in Uranium mines in South Australia.


Article reads-
THE Honeymoon uranium mine is back on track after Japanese company Mitsui committed $104 million to the stalled project.

South African company Uranium One announced today it has struck a deal with Mitsui which would allow it to bring the mine into production by 2010.

The development of the mine, 80km northwest of Broken Hill, was put on hold in May when Uranium One said it was looking for a partner to help develop the project.

Uranium One executive vice president Australia and Asia Greg Cochran said the final planning for the construction and operation of the project would now be completed by the end of the year, with site development resuming early next year.

The mine is expected to create about 60 jobs for its seven year life and produce about 400 tonnes if uranium oxide a year.

Mr Cochran said Mitusi's investment was a huge vote of confidence in South Australia's uranium industry.

"This agreement...brings a highly respected Japanese trading house with a long history in the nuclear business to the State.

"This will be of tremendous long-term benefit to the State's industry and economy and is also the first major overseas investment in Australian mining since the current global financial malaise began.'' Premier Mike Rann welcomed the agreement.

"The decision by an overseas investor to commit millions of dollars to develop this mine amid the current global uncertainty hgihlights the confidence resource companuies have in South Australia,'' he said.

Mitsui has 159 offices in 68 countries and has investments in Australia in resources, forestry and meat.

The deal also covers Uranium One's nearby Gould's Dam and Billeroo projects as well as other prospective tenements in SA.

The deal is conditional on approval by the Foreign Investment Review Board.