Bloomberg reported that Mongolia will take a stake in Areva SA (EPA:AREVA), the French nuclear company, in order to revive foreign investment in the country.
As quoted in the market news:
Mongolia will take a 34 percent share of the uranium mining unit of Areva Mongol LLC, he said, adding that this is the level of ownership under domestic law that designates a strategic deposit. Areva Mongol owns 27 uranium exploration permits in the country and is seeking to upgrade them to allow mining. It is negotiating an equity interest with state-owned MonAtom LLC, according to the Paris-based company’s website. Japan’s largest trader, Mitsubishi Corp. (8058), is also a potential investor, it said.