India Looks at Forming JV to Buy Uranium Mines Abroad

The Wall Street Journal reported that in order to ensure a steady supply of fuel to its nuclear plants, India is looking into acquiring uranium mines abroad by setting up a joint venture between Nuclear Power Corporation of India and Uranium Corporation of India.

As quoted in the market news:

Mr. Narayanasamy [minister of state at the Ministry of Personnel, Public Grievances & Pensions] said the Atomic Minerals Directorate for Exploration and Research, a unit of the DAE, is engaged in efforts to discover Uranium Resources (URA LN) in the country through surveys and exploration — responding to another query, the minister said India can develop the world’s cheapest reactors of quality comparable to those manufactured by other countries including South Korea — he said India can develop reactors costing $1,700 per kilowatt electrical (kWe) for a 700 megawatt reactor, compared with an average of $2,500 and $3,000 in other countries.

Click here to read the full report from The Wall Street Journal.