Thorium Power has stated that it has entered into two business agreements. The public acknowledgement of the consultancy agreement between the two parties follows completion of a number of pending tasks by the federal government of the United Arab Emirates (UAE), including the release of a comprehensive policy on the evaluation and potential implementation of a peaceful nuclear energy program within the UAE.
The UAE policy document was publicly launched on April 20, 2008, following extensive consultations by the UAE government authorities with the International Atomic Energy Agency, as well as numerous national governments, including the government of the US.
Under the two previously announced agreements, Thorium Power entered into a $3.8 million contract to assist in the development of a roadmap report with recommendations related to the possible establishment of a civil nuclear energy program in the UAE, based on the principles of transparency, non-proliferation, safety and regulatory compliance.
Under the second contract, with professional fees of $4.3 million, Thorium Power is currently consulting in the development of timelines, organizational structure and priorities for the establishment of a Nuclear Energy Program Implementation Organization as well as an independent federal Nuclear Regulatory Authority.
Thorium Power has received pre-payments covering professional fees and certain expenses of $5 million and $4.2 million for the contracts, respectively.
