May 21, 2007

China is Uranium Hungry!

China shops for foreign uranium properties as possible domestic shortage looms

The possibility of domestic uranium shortages has the China National Nuclear Corp., the nation’s largest nuclear power plant builder, in discussions with numerous foreign uranium explorationists.
Author: Dorothy Kosich
Posted: Monday , 21 May 2007


China's largest nuclear power plant builder said it is in discussions with companies in Australia, Kazakhstan and Mongolia because of a potential domestic uranium shortage.

The Wall Street Journal reported Sunday that London-based UraMin (AIM, TSX: UMN) has been negotiating with China National Nuclear Corp. (CNNC). Lui Xuehong, Vice President of the CNNC's overseas uranium exploration unit, told the Power & Alternative Energy Summit that discussions are also ongoing with companies in Canada, Niger and Algeria.

Liu specifically referred to UraMin's "good assets in Africa," which include acquired or pending mineral rights in Namibia, South Africa, Mozambique, Botswana, Chad and the Central African Republic.

"We will participate in overseas exploration of uranium by buying mining rights of deposits or taking a stake in a particular project," Liu told the conference.

Shanghai Daily reported that China needs to add two reactors a year to meet its target of generating 4% of its power from nuclear plants by 2020. China National Nuclear plans to spend US$52 billion to build domestic reactors by 2020.

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