Mitsubishi Corp. to Join Areva Mongolia Project, Nikkei Says

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By Steven McPherson - December 20, 2009 16:15 EST

Dec. 21 (Bloomberg) -- Mitsubishi Corp., a Japanese trading company, will invest in a project of Areva SA to explore for uranium in Mongolia, the Nikkei newspaper reported on its English service.

Mitsubishi will pay 34 percent of exploration costs to date, 34 percent of future costs, and acquire 34 percent of an Areva unit in Mongolia, according to the report. It didn’t say how much Mitsubishi would invest, or who provided the information.

To contact the editor responsible for this story: Steven McPherson at smcpherson@bloomberg.net