20 Apr, 2012
TOKYO, JAPAN — Toshiba Corporation (TOKYO: 6502) announced today that it has advanced its strategy of securing rights to acquire uranium for use in nuclear fuels that it supplies to energy utilities around the world with the completion of a convertible debt-financing agreement with GoviEx Uranium Inc., a privately held, Canada-based uranium development and exploration company.
Production at the Madaouela Project is expected to begin in 2017 and Toshiba's off-take rights to uranium concentrate will become effective in 2020, when output is expected to reach its peak capacity of more than 2.7 million pounds of uranium concentrate per year. The annual off-take of concentrate will be approximately 0.6 million pounds a year, equivalent to the annual fuel requirement of one 1,000-megawatt-class nuclear power plant. Sales of the uranium will be handled by Advance Uranium Asset Management Ltd, a UK-based Toshiba Group Company.
GoviEx holds the rights to 103 million pounds of uranium resources at the Madaouela project, located near Arlit in the Republic of Niger, one of the most significant sandstone-hosted uranium deposits in the world. Building a long-term strategic partnership with GoviEx and securing the additional supply of uranium will enable Toshiba to continue the diversification of its procurement of uranium resources for the nuclear fuels that Toshiba supplies to operators of nuclear plants.
|Representatives:||Govind Friedland, Chairman; Charles Scorer, Chief Executive Officer|
|Number of employees:||120|
|Business:||uranium exploration and development|
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