Japanese Company Buys Stake in Canadian-led Uranium Project in Australia

Japan’s Mitsui & Company has agreed to pay Vancouver-based Uranium One C$83.1 million for a stake in six South Australia uranium sites. Mitsui and Uranium One will jointly develop the sites with 49% and 51% stakes respectively. Production is expected to begin in 2009 or 2010. The deal represents Mitsui’s first investment in a uranium project. Demand for uranium is expected to grow as nuclear power generation increases.