Century City seeks Mongolian uranium

14 August 2007

[The Standard, 14 August] Century City International, a Hong Kong property investment company, has entered into an agreement with state-owned China Nuclear Energy Industry Corp (CNEIC) to explore and develop uranium resources in Mongolia. The company said that it would retain an 80% equity interest in any economically viable uranium mining projects, while CNEIC may acquire up to a 20% interest. CNEIC - a subsidiary of China National Nuclear Corp (CNNC) - would also underwrite the sale of any uranium produced. CNEIC is the exclusive company authorized by the state to carry out import and export trade of nuclear fuel and related products. Initially, the agreement calls for CNEIC to provide technical support to Century City in all aspects of its future proposed uranium mining investments. Donald Fan Tung, executive director of Century City, describe CNNC as lending "a helping hand to a child learning to walk." Century City acquired a 51.8% stake in Mongolia-based mineral explorer Chain Bright in April 2007. The deal enables the company to explore for uranium and coal in 125.8 square km of eastern Mongolia.

Further information

Century City International
China Nuclear Energy Industry Corp