Struggling French nuclear power corporation AREVA on Tuesday signed a memorandum of understanding with the China National Nuclear Corporation that paves the way for a possible partnership between the companies that includes "capitalistic and industrial components," AREVA announced.
The signing took place in Beijing with top-level officials on hand. The MOU was signed in the presence of French President Francois Hollande and Chinese President Xi Jinping.
"The partnership planned between AREVA and CNNC involves a possible minority stake acquisition by CNNC in AREVA's capital and a partnership covering all of the nuclear fuel cycle activities: Uranium mining, front end, recycling, logistics, decommissioning and dismantling. These nuclear fuel cycle activities are not directly concerned by EDF's acquisition of AREVA NP currently underway," AREVA said.
The possible partnership fits into the framework set up by the French-Chinese joint declaration that began June 30, 2015.
AREVA Chairman Philippe Varin said the MOU "offers numerous opportunities" for the two companies. "Strengthening the cooperation with our Chinese partners is an integral factor for AREVA's future success," he said.