A €1.8-billion acquisition of a Canadian mining company UraMin in 2007 proved to be an unsuccessful venture resulting in a major loss for France’s nuclear giant Areva. The company reported an operating loss of up to €1.6 billion this year in the wake of Japan’s Fukushima and a decreased demand in uranium. Areva is taking a €1.46-billion write down on UraMin, on top of a €426-million provision last year.
The Canadian firm held assets in Namibia, the Central African Republic, and South Africa, and according to the company, deposits at UraMin’s mines were smaller than anticipated.
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