The Japanese are coming
Mitsubishi Corp acquires 50 pct stake in Canadian uranium mining ops - report
04.10.07, 7:02 PM ET
TOKYO (XFN-ASIA) - Mitsubishi Corp has obtained a 50 pct interest in a Canadian uranium mining project through a wholly owned Australian unit, the Nikkei reported, without citing sources.
In exchange for the stake in CanAlaska Uranium Ltd's West McArthur operation, Mitsubishi (other-otc: MSBHY.PK - news - people ) Development Pty will shoulder exploration costs of 11 mln cad, the business daily said, adding prduction is estimated to commence as early as 2016.
The West McArthur project is located in the Athabasca Basin of the Canadian province of Saskatchewan.
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, according to Nikkei.
(1 usd = 119.03 yen)
yasuhiko.seki@xfn.com
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