Canadian and Argentinian miners look to team up on uranium project

Canada's U3O8 Corp (TSX: UWE) is in advanced discussions with Argentina's Petrominera Chubut S.E to team up on a South American uranium project.

U3O8 and Petrominera both have concessions in Chubut, Argentina on and around the Laguna Salada deposit. The venture would position the project "as a potentially low-cost, near-term uranium producer," the Canadian company's CEO said in a statement on Tuesday.

Argentina is expected to get 9% of its electricity from nuclear power this year after a third reactor comes online. The country currently imports all of its uranium supply.

It is also set to become an exporter to countries such as Brazil – where a third reactor is under construction – as well as the United Arab Emirates, China and Russia.

U3O8 is a South American-focused miner with properties in Argentina, Colombia and Guyana.

Creative Commons image by: Lisandro M. Enrique