takeover, page-33

From a release from yesterday. The last paragraph is of interest to MEY holders! (Just for the record I bought PDN at 3.2 cents and have interests in numerous "U" stocks and have done so for many, many years!)

About 4bn has already been set aside to expand Arevas mining operations to 2012. The group intends to double its share of the world uranium market from 17 per cent to 30 per cent by 2020 by developing new projects in Africa, the Middle East and Canada.

Areva is keen to diversify its mining portfolio away from its reliance on politically instable Niger, which has in the past supplied more than 40 per cent of its uranium needs. Though it is developing the worlds biggest uranium mine at Imouraren, Niger will in future contribute less than a third of Arevas uranium.

The group has developed a new technology that will allow it to expand its prospects by extracting commercial quantities of uranium from very low grade ore. The technology is being used for the first time at its new Trekkopje mine in the Namib desert, Namibias biggest ever inward investment at $1bn.