Sino-Australian companies joint hand on global uranium market

09:05, November 03, 2010      

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China's Hanlong Energy Limited signed agreements Monday with Australian uranium explorer Marenica Energy to jointly develop uranium mine projects in Namibia.

According to the agreement, with an investment of 33 million yuan ($$4.9 million) in the Australian counterpart, Hanlong Energy will become the largest shareholder of Marenica with about 12 percent of shares in hands.

For Marenica, the agreement will provide longer-term development funding; off-take arrangements and potential cooperation on future strategic acquisitions in the uranium sector by December 2011, according to reports.

While for Hanlong, the deal nails the company a seat by the uranium network table, allowing it to become a participant in the global uranium network.

The number of nuclear power plants globally is expected to double over the next 20 years with China and India taking the lead.

"We believe that supplies from existing and near-term uranium mines will be insufficient to meet future demand. Hence, investing in promising uranium developers such as Marenica is a critical step towards evening out future demand and supply imbalances," said a senior official from Hanlong.

Hanlong Energy is a subsidiary of the privately-owned Sichuan Hanlong Group Co., Ltd., a large diversified group with a broad portfolio of investments in mining resource development, electricity production, infrastructure and real estate development.

The company now is also the first Chinese private company in the current uranium market.

Source: Global Times


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