AREVA inks 2 deals with Chinese partners

A joint declaration between Farnce and China facilitated AREVA’s agreements with CGNPC and CNNC. The authorities of the two countries made a joint declaration in December 2009 authorizing CNNC and AREVA to enter into detailed negotiations.

Anne Lauvergeon, AREVA CEO, and He Yu, China Guangdong Nuclear Power Corp or CGNPC Chairman, signed a long-term contract for the supply of 20,000 tons of uranium over a 10-year period. The contract is worth around 3.5 billion dollars.

With Sun Qin, China National Nuclear Corporation or CNNC President, Anne Lauvergeon signed an industrial agreement on cooperation in the field of used fuel treatment and recycling. The document is the final step towards a commercial contract.

In addition, AREVA and CNNC have launched the creation of a 50/50 joint venture, CAST or CNNC AREVA Shanghai Tubing Co., that will produce and market zirconium tubes for the fabrication of fuel assemblies. Located in Shanghai, the plant will start operation at the end of 2012.

Anne Lauvergeon: “These are major agreements. They represent a new stage in AREVA’s relations with its Chinese partners. Thanks to its integrated model, AREVA is strengthening its ties with the country’s top nuclear power companies, CGNPC and CNNC, and consolidating its strategic positions on the world’s largest nuclear market.”