Japan to seek uranium from Mongolia

Bloomberg reports that fifty government and corporate officials from Japan will head to Mongolia this week to enter into talks seeking participation in that nation's uranium deposits. Japan is the world's third largest uranium consumer, and competition with China and India for the mineral has grown fierce.

Mongolia has 62,000 tons of proven uranium reserves, or 1 percent of the world's total, according to the Japan Oil, Gas and Metals National Corp. The country has untapped areas that may contain as much as 1.39 million tons, which would make it the world's largest source of the ore, the group says.