Mitsui moves to acquire uranium deposits

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Mitsui has confirmed that it will acquire six uranium deposits which are held by Uranium One.

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The deposits include the Honeymoon uranium project, which Mitsui has signed the sale and purchase agreement for.

The Japanese company has also signed a join venture agreement to allow it to undertake development projects in conjunction with Honeymoon.

Mitsui has invested AUD$104 million (£41 million) in the development project. Work on the Honeymoon project is due to start between the end of 2009 or 2010.

Uranium one will be investing 51 per cent of the expense of the project while Mitsui will invest 49 per cent.

This is the first time that Mitsui has been involved in a uranium project although the company has a lot of experience dealing with overseas energy resources such as oil and coal.

Mitsui Group is one of the largest corporate conglomerates (Keiretsu) in Japan and one of the largest publicly traded companies in the world.