Australian uranium goes to China

22 October 2012

Australian firm Energy Metals has announced that its first shipment of natural uranium concentrates has arrived in China. The product has now been re-sold to China Guangdong Nuclear Power Holding Company (CGNPC)-Uranium Resources Corporation Ltd under the Natural Uranium Concentrates Sales Agreement signed in December 2011.

“The importance of this successful first shipment is that it marks the beginning of a significant opportunity for the company’s newly launched uranium trading business to capitalise on the Chinese growing demand for energy,” Energy Metals said in a statement.

“The opportunity for Australian uranium export remains strong, considering only 3% of Australia’s 2009 uranium exports were purchased by China,” it said.

Energy Metals is a dedicated uranium company with nine exploration projects located in the Northern Territory and Western Australia covering over 4,000 square kilometres, which mostly contain uranium mineralisation discovered by major companies in the 1970’s, including the advanced Bigrlyi Project. The company is majority owned (60.6%) by China Uranium Development Co. Limited (a wholly owned subsidiary of CGNPC).

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