India says it will seek Mongolian uranium for its nuclear power plants

Wednesday, 22 October 2008 06:39

India is hoping to jointly explore for uranium in Mongolia, according to officials.

Currently, India’s nuclear power plants are only running at half their capacity due to a shortage of uranium-based fuel.

“We are planning to carry out joint mining and exploration initiatives with Mongolia,” said Shyam Saran, special envoy to the Indian Prime Minister.

However, it is not known who India will join with in Mongolia to explore for uranium.

Saran also said he believes the global financial crisis will lead to a slowdown in the global nuclear power market and reduce uranium prices which will help India expand its civil nuclear energy program as less money is spent on uranium to fuel reactors.

“The current financial crisis can be a blessing in disguise. We can see a buyers’ market in nuclear soon,” he said.

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reply written by roydongen, October 23, 2008

For Mongolia's mining industry it would be very good if India would participate. India is a very peaceful country with a steady growth. Also India's nuclear energy programme, supported by the United States of America will be a sustainable and secure one. Besides this, India is known to have a reliable international reputation. With the French, the Japanese, the Indian's, the Canadians and maybe some others, Mongolia won't need to get into any partnership with the in both business as technology wise, much less safe and reliable Russians.