UCIL scouts for Uranium mine acquisition overseas

In order to meet the growing need for uranium, state-owned Uranium Corporation of India (UCIL) is mulling acquisition of one mining asset overseas apart from starting exploratory activity in four mines in the country.     

"UCIL is interested in acquiring one mine overseas. Discussions are at preliminary stages now," a source close to the development .     

UCIL needed acquisition since India had limited reserves but the demand is expected to shoot up with the signing of the Indo-US civilian nuclear deal, the source said.     

Even before the signing of the civilian nuclear deal with the US, a number of large corporate entities, including, Tata Power, JSW Power, Reliance Energy, Videocon Industries had expressed interests to foray into nuclear power generation.     

The source, however, declined to reveal where UCIL might acquire the mine, saying "it is difficult to say anything now as it is at a very nascent stage."     

Currently, almost 95% of the global uranium production came from only eight countries including Canada, Australia, Niger, Russia and Ujbekisthan.     

Two-thirds of the total global uranium production came from only 12 mines.       

Close to 85% of India's total uranium deposits, which was of low grade and estimated at one lakh tonne, was concentrated in three states - Andhra Pradesh, Jharkhand and Meghalaya.