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France's Areva Forges Russian Alliance in Nuclear Production Supply Chain
JOHANNESBURG--July 23, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--One of the international players best positioned to ride the wave of the new nuclear power plant building surge is Areva (EPA:CPI) (Paris). Currently, the company is following through on a memorandum of understanding it signed at the end of 2007 with Russia's leading uranium mining company, state-owned Atomredmetzoloto (ARMZ). In addition to the Areva connection, ARMZ has also established partner relations with Japan's Mitsui & Company Limited (NASDAQ:MITSY) (Tokyo) for investment in uranium prospecting and mining. It is also developing cooperation in geological prospecting and the development of uranium prospects in promising areas with South Korea's LG International Corporation (SEO:001120). In Africa, Areva has an agreement with Russia's second largest bank, Bank VTB OAO (MCX:MTBR) to start uranium prospecting in Namibia. In France, Areva has launched a joint $112 million investment program with the world's largest steel company, ArcelorMittal (NYSE:MT) (Luxembourg), to raise ingot production capacity at Industeel's Le Creusot plant in Burgundy for the forging of nuclear components such as nuclear reactor vessels and steam generators.
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Industry Segment: Power
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