As the “Nikkei” Japanese newspaper reports, the “Marubeni” corporation has become the first among Japanese companies to win the right to exploit uranium deposit in Mongolia.
This issue will be officially approved this year, and Uranium extraction will start in 2012. The Marubeni is able to run activity in three areas, including Mardai and Gurvanbulag in Dornod aimag. The extraction and exploration license is owned by the Canadian “Khan Resources” company, so only portion of it will go to the Marubeni company. Resources of these areas are estimated at 62 thousand tons that are sufficient for seven-year use by Japanese atomic power plants. The Marubeni company plans to invest USD 430 million firstly. The Japanese paper also states that this corporation has already implemented a uranium extraction project in Kazakhstan.
At a meeting with the executive vice president of Marubeni F.Kokubu in November 2008, the Prime Minister of Mongolia, S.Bayar, expressed a willingness to support a Marubeni project in the uranium sector of Mongolia and noted that the sides should determine lines of joint actions and launch talks thereon. He also noted an importance of legal regulation in the mining sector- the uranium sphere in particular. The Government of Mongolia is interested in implementing payments in advance upon the creation of preconditions for launching the project without waiting for the construction of a uranium plant and first profits.
source: Nikkei Japan