Uranium production contract agreed to by Areva and EDF

EDF, the largest electricity producer in Europe, and Areva have reached an agreement on the principles of a long-term partnership to supply natural uranium over the 2014-2030 period. In a press release, Areva said this partnership will ensure the security of supply and the competitiveness of the French nuclear fleet.

Covering a total volume which can reach more than 20,000 metric tons, the agreed principles foresee the extension of the supply contract from Areva's existing mines, and open up the possibility of EDF part-funding the development of a new mining project in exchange for a share of its future production. These principles will provide the basis for a series of agreements which will be subject to approval by the management bodies of the two groups.

Areva currently provides EDF with nearly 40 percent of its annual supply of natural uranium.

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