Japanese consortium buys in to Uranium One

17 February 2009

A Japanese consortium has bought a 20% stake of Canada's Uranium One international mining business, which holds rights to mines in Kazakhstan, the USA, South Africa and Australia, for CAD270m (JPY 20.2bn).

The consortium consists of Japanese utility the Tokyo Electric Power Co. (TEPCO), Toshiba Corporation and the state-owned Japan Bank for International Cooperation. TEPCO and Toshiba each account for 40% of the three companies’ stake, with JBIC picking up the remaining 20%.

In an article published by the Japan Atomic Industry Forum, TEPCO and Toshiba said that they are "both actively pursuing a policy of securing a stable supply of uranium resources that are economical and regionally diversified." The article added: "JBIC also directly participated in the investment this time to reinforce the international competitiveness of the Japanese nuclear industry."

According to a Uranium 1 statement, 28% of TEPCO's 28GW of generation capacity comes from nuclear sources. Toshiba owns 67% of Westinghouse, a supplier of equipment for BWR and PWER nuclear power plants.

The deal, which is expected to close by March 31, depends on regulatory approval in Japan, Australia and Kazakhstan.

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