Mitsui & Co. (8031.TO) said Thursday it has been granted exclusive rights for 18 months to negotiate with the Uzbekistan government on possible joint exploration of uranium in the Central Asian country.
The Japanese trading firm and Goscomgeology, the Uzbek government's mining and mineral resources body, will also discuss possible establishment of a joint venture company and how to conduct exploration, Mitsui & Co. said in a statement.
The subject area for joint study is Zapadno-Kokpatasskaya Area in the central part of the country, where uranium reserves are thought to be, said the statement.
Should they agree on moving forward to the exploration phase, Mitsui & Co. and Goscomgeology would set up a joint venture and start explorations lasting about three years, the statement said.