Areva signs nuclear deals with China's CGNPC

PARIS, FRANCE - Areva said it has signed two deals with China Guandong Nuclear Power Company (CGNPC) to reinforce its partnership with China.

CGNPC and Areva will create a joint venture held 55 percent by Chinese interests and 45 percent by Areva for the engineering and procurement of nuclear power plants, the French builder of nuclear reactors said in a statement.

Areva has already sold two European Pressurized Reactors (EPR) to China.

The JV will focus on CGNPC projects in China at first before looking at projects abroad.

CGNPC and Chinese sovereign wealth funds will also take a 49 percent stake in Uramin, a mining company currently wholly-owned by Areva.

Areva will remain operator of Uramin's current and future projects but CGNPC is now guaranteed access to more than half of the miner's total production, while Areva benefits from additional means of financing its activities, Areva said.