January 23, 2018 / 1:09 PM / a year ago

New French firm Orano, formerly called Areva, says uranium price too low to invest in mines

The logo with the new company name "Orano" of the French nuclear fuel group Areva is seen on the Areva Tower in La Defense near Paris, France, January 23, 2018. REUTERS/Philippe Wojazer

PARIS (Reuters) - Philippe Knoche, chief executive officer of French uranium and nuclear fuel group Orano - formerly called Areva - said current market prices for uranium are too low to invest in new uranium mines.

He added that long-term contract prices for uranium are about $10 per pound higher than spot prices.

Knoche, speaking to reporters at the presentation of the company’s new name and logo, also said that selling a nuclear fuel reprocessing plant to China was not essential for the company’s survival.

Knoche added that Orano aims to be cash flow positive from this year onwards and for the coming years, and that it aims to get 30 percent of turnover from Asia by 2020, compared to 20 percent at present.

Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta

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