disallowed/business/japans-nuclear-sector-takes-uranium-stake-20090301-8lgu.html
This was published 13 years ago
Japan's nuclear sector takes uranium stake
By Peter Klinger
March 2, 2009 — 12.00am
JAPAN'S nuclear industry has taken its second strategic stake in Western Australia's fledgling uranium industry in less than a year, after agreeing at the weekend to buy into Mega Uranium's Lake Maitland project in the Goldfields region.
The JAURD consortium and Itochu will pay Mega Uranium $US49 million ($A77 million) for a 35 per cent stake in Lake Maitland once due diligence is completed and all regulatory approvals are received.
JAURD, or Japan Australia Uranium Resources Development Co, is owned by utilities Kansai Electric Power, Kyushu Electric Power and Shikoku Electric Power and is mandated to secure uranium supplies for its shareholders. The utilities own six nuclear power plants between them.
It will be Japan's second big WA uranium deal following Mitsubishi Development's $US495 million acquisition, in a joint venture with Canada's Cameco, of the Kintyre project from Rio Tinto last July.
The proposed Japanese buy-in into Lake Maitland, one of the state's biggest uranium deposits, still requires Australian Government approval but further signals Mega Uranium's intention to become WA's first producer of yellowcake.
Mega has applied for a mining licence, the first such move by a uranium player since the election of the Barnett Government last year.
The State Government is aware of the proposed Lake Maitland buy-in, which comes just weeks after Premier Colin Barnett travelled to Japan in order to meet government and corporate leaders and stress the country's importance as a key trading partner.
Lake Maitland, 130 kilometres south-east of Wiluna, contains inferred resource of 23.7 million pounds of uranium oxide.
A scoping study completed by Mega in October found that it would cost $US85.1 million to develop a mine at Lake Maitland capable of producing 1.65 million pounds of uranium oxide a year over a 10-year mine life.
At the time Mega told its investors that based on a $US75-a-pound price for uranium oxide, the project would have a net present value of $US181.4 million and generate returns of 43.4 per cent.
https://world-nuclear-news.org/Articles/Japanese-take-a-stake-in-Western-Australia-project
https://www.businessnews.com.au/article/Japanese-companies-buy-into-Mega-uranium-project
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