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Gold/Mining/Energy : What is Thorium

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Dec 19 9:30 AM EST

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From: Yorikke	5/28/2008 4:29:51 AM
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Thorium to advise UAE on nuclear plans by Lynne Roberts on Wednesday, 28 May 2008 arabianbusiness.com ENERGY DEAL: US-based Thorium Power is to advise the UAE on its domestic nuclear energy programme. (Getty Images) Thorium Power said on Tuesday it would advise the UAE government on the development of its domestic nuclear energy program under two contracts worth a total of $8.1 million. The US-based nuclear energy firm publicly acknowledged two previously announced agreements following the launch in April of the UAE policy on its nuclear energy programme. Under a $3.8 million contract, Thorium will assist in the development of a roadmap report with recommendations related to the possible establishment of a civil nuclear energy programme in the Gulf state. In a second deal with professional fees of $4.3 million, the company is consulting in the development of timelines, organisational structure and priorities for the establishment of a Nuclear Energy Programme Implementation Organisation (NEPIO), and an independent federal Nuclear Regulatory Authority (NRA). The company had already received payments covering professional fees and expenses of $5 million and $4.2 million respectively, it said in a statement. The scope of services under both contracts was reached in consultation with US authorities, and the agreements signed with the Executive Affairs Authority, a department of the Abu Dhabi government. Seth Grae, CEO of Thorium Power said, “We are pleased to contribute to the UAE’s work on the option of nuclear power to meet projected energy needs. Thorium Power is providing an unrivaled team of expert analysts and industry practitioners to work with counterparts in the UAE on the full range of issues involved in establishing a nuclear power program.” arabianbusiness.com

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