CGNPC enters uranium cooperation with Paladin

6 August 2010

China Guangdong Nuclear Power Company (CGNPC) has signed a wide-ranging memorandum of understanding (MOU) with uranuim mining firm Paladin Energy. The deal comes just over a month after the CGNPC, China’s largest nuclear utility, agreed to negotiate long-term uranium purchase agreements and potential joint development of uranium resources with Canada’s Cameco.

The MOU was signed by CGNPC Uranium Resources Co., Ltd, which is responsible for uranium procurement either through purchase of uranium product or development of new mines.

The MOU sets out a framework of cooperation for long-term sales of uranium and the potential participation in Paladin’s growth strategies. It also includes possibility for expansion of joint venture relationships in Australia's Northern Territory with Energy Metals Limited (EME), in which CGNPC-URC, through the subsidiary China Uranium Development Company Limited, holds a 69.34% interest.

Paladin has two operating uranium mines in Africa: Langer Heinrich in Namibia and Kayelekera in Malawi as well as undeveloped uranium resources in Australia. It owns a 42.6% share in the Bigrlyi project near Alice Springs with EME (53.74%) and Southern Cross Exploration (4.2%).

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