ITOCHU Participates in Feasibility Study for Uranium Development Project in West Australia
June 18, 2009
ITOCHU Corporation (ITOCHU), through its Australian affiliate, ITOCHU Minerals & Energy of Australia Pty Ltd (IMEA) will participate in feasibility study for a uranium development project in Australia, which is owned by Mega Uranium Ltd, a Canadian uranium miner.
This Mega’s project named Lake Maitland is located in the Eastern Goldfields region of Western Australia, with inferred uranium resources of approximately 9,100tU is now under feasibility study, aiming to start production in 2011.
Following the decision to participate in development of this project in accordance with the result of feasibility study, IMEA will have the right to earn 5% interests in the project.
Meanwhile, it is planned that JAPAN AUSTRALIA URANIUM RESOURCES DEVELOPMENT CO LTD., which ITOCHU have interests in, will separately have the right to earn 30 % interests in the project.
The world uranium demand for nuclear generation amounts to about 65,000 tU a year. ITOCHU as one of the three major uranium traders, delivers about 4,000 tU of uranium a year (CY2008). In recent years, we have seen Japanese major trading corporations aggressively invest in development projects of natural resources. ITOCHU has been focused on uranium for long and remains committed to aggressive approach in uranium trading activities, which will contribute to stable supplies of energy and moreover enhance the portfolio of resources development worldwide.
ITOCHU newly opened New Energy Department on April 1, 2009, which would be committed to aggressively pursue with environmental friendly new energy such as nuclear fuel and bio ethanol, as well as carbon credit.