Uranium related transactions in the front end of the nuclear fuel cycle will be undertaken by the UK based AUAM, which is 60% owned by Toshiba and the rest by Westinghouse.
Through the new joint venture, Toshiba will secure uranium supply for Japanese utilities, and will leverage this capability to support utility companies worldwide. This joint venture will allow Toshiba to initiate uranium transactions for its investment interests in Kazakhstan uranium mines.
The new joint venture allows Westinghouse to explore ways to coalesce fuel technology with Toshiba’s uranium interests to existing and new customers.
Yasuharu Igarashi, corporate senior vice president and president and CEO Power Systems Company of Toshiba, said: “This joint venture expands Toshiba’s interest in the nuclear fuel cycle at a time when utilities are pursuing new builds, and it extends our ability to provide the nuclear energy industry with holistic solutions.
“Under the new joint venture, Toshiba and Westinghouse will deliver and execute on a single strategic vision and create a broader portfolio of integrated solutions.”
Dr Aris Candris, president and chief executive officer of Westinghouse, said: “By establishing Advance Uranium Asset Management, we are more closely aligning Toshiba and Westinghouse’s activities in the front end business. This move will promote a full expansion of our combined potential in the front end of the fuel cycle and allows us to integrate the right resources to deliver our shared vision.”
AUAM will building on the capabilities of the current Uranium Asset Management (UAM) and its business areas will include: marketing and sales of uranium supplies, new fuel leasing options, spot market trades, and expanded commercial transport business.
UAM will continue to operate and its employees will be seconded to AUAM together with a select number of Toshiba employees to pursue interests in the front-end fuel cycle.
