AREVA signed a deal to develop uranium mines in Mongolia and to create a new business, AREVA Mines LLC.
The new company will be 66 percent owned by AREVA and 34 percent owned by Mongolian state owned nuclear company MON-ATOM. Mitsubishi Corp. also signed an agreement for an equity interest in the company, though terms of that deal were not released.
AREVA has carried out exploration work in Mongolia since 1997, resulting in the discovery of two uranium deposits in the province of Dornogobi, Dulaan Uul and Zoovch Ovoo.
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