Mega uranium in Australia
Mega steps up bid to beat BHP with WA’s 1st uranium mine
(Note from Christiona Macpherson – Is Mega Uranium involved in a court case in South Africa?)
PERTH, July 23 AAP
Trading Room By Rebecca Le MayJuly 23 2009,
The race to develop Western Australia’s first uranium mine has gained pace, with Mega Uranium Ltd entering a $US49 million ($A60 million) joint venture with a Japanese firm to progress the Canadian explorer’s Lake Maitland project.
Mega is vying to beat BHP Billiton Ltd’s Yeelirrie project as the state’s first uranium mine.
Both projects are situated in WA’s midwest region near Wiluna………………..Mega, which is expected to soon seek an Australian stock exchange listing, said on Thursday it had teamed up with Japan Australia Uranium Resources Development (JAURD) and Itochu to develop the project………………….
“JAURD’s shareholders – power companies Kansai, Kyushu and Shikoku, will have access to uranium produced at Lake Maitland and Itochu will participate in uranium off-take arrangements,” Mega chief executive Sheldon Inwentash said.
The transaction is subject to approvals required under the Foreign Acquisitions and Takeovers Act.
Federal Minister for Resources and Energy, Martin Ferguson, said on Thursday Australian was “committed to mining uranium with safe hands and only supplying uranium to countries which use it with safe hands”.
News: Australian Stock, Share & Commodity Markets News – Tradingroom.com.au
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