OREANDA-NEWS. November 06, 2013. AREVA has signed an agreement to develop uranium mines in Mongolia and to create the company AREVA Mines LLC, 66% owned by AREVA and 34% owned by MON-ATOM, the Mongolian state-owned nuclear company.

An agreement for Mitsubishi Corporation to take an equity interest has also been signed.

The signing ceremony took place in the presence of Mr. Luvsanvandan Bold, Mongolian Minister for Foreign Affairs, Mr. Laurent Fabius, French Minister of Foreign Affairs, Mr. Luc Oursel, president and CEO of AREVA, and Mr. Ken Kobayashi, president and CEO of Mitsubishi Corporation.

Present in the country since 1997, AREVA has carried out exploration work resulting in the discovery of two uranium deposits in the province of Dornogobi, Dulaan Uul and Zoovch Ovoo, whose resources are estimated at 60,000 tonnes.

Luc Oursel declared that: “This collaboration, which also involves our partner Mitsubishi Corporation, is strategic on two levels. It will enable us to develop the uranium sector in Mongolia and to pursue the geographic diversification of AREVA’s mining activities.”