The joint venture between Mukesh Ambani-controlled Reliance Industries Limited (RIL) and Australian uranium mining major UXA Resources will begin its drilling programme in the country’s Northern Territory region next month, UXA said in a presentation posted on its website on Thursday.
The Northern Territory of Australia has granted three uranium exploration licences to a joint venture in which Reliance Industries’ Australian subsidiary, RIL Australia, has a 49% stake.
Uranium Exploration Australia (UXA) Ltd holds a 51% stake in the venture.
The joint venture has arranged for a drilling rig and acquired necessary approvals for exploration and drilling at the Nabarlek project from the middle of August, UXA managing director Russell Penney said in the presentation at an industry conference on Thursday.
Nabarlek is a high-grade uranium deposit in Australia and the world’s third-largest uranium mine.
Reliance entered into a joint venture with UXA in 2007-end for uranium exploration in Australia. Under the pact, RIL Australia (RILA) held 49% for exploration in South Australia and in the Northern Territory.
RIL declined to comment on the development.