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StumbleuponJapanese trading house Mitsui & Co Ltd said on Wednesday it has agreed to buy stakes in six uranium deposits in South Australia from Canada's Uranium One Inc. Mitsui projected to spend A$104 million ($73 million) in the purchase and development of the deposits.
One of the blocks, Honeymoon project, is expected to start commercial production in end-2009 or 2010, with annual production of 400 tonnes, for a production period of six years.
Under the deal, Uranium One would have a 51 percent stake in the joint venture developing the Honeymoon project, with Mitsui holding the rest.
The two firms aimed to complete the deal sometime this year, pending approval by the Australian authorities. (Reporting by Osamu Tsukimori)
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