BUENOS AIRES, April 10 (UPI) -- U.S.-based Nano Nuclear Energy announced a $230 million-plus plan to restart a nuclear fuel facility owned by Argentina's state-run Dioxitek, with a goal of boosting domestic capacity and opening export opportunities in a tight global market.
The initiative, unveiled this week, focuses on the so-called New Uranium Plant, or NPU, situated in Formosa province in northern Argentina. Construction of the facility has been stalled since 2014. The project dates to the final years of former President Cristina Fernández de Kirchner's administration.
Contacts between Dioxitek and Nano Nuclear Energy began in August with the signing of a memorandum of understanding. That agreement allowed both sides to assess Argentina's nuclear sector and the capabilities of the state-owned company.
Discussions gained momentum during Argentina Week, an investment forum held in March in New York, where Argentine officials promoted opportunities in strategic sectors. There, the company finalized a formal proposal that is being reviewed by the Economy Ministry.
The plan would allow the U.S. firm to participate as a production partner, while Argentina would retain ownership. The arrangement would mark a shift in Argentina's nuclear policy, which has historically been fully controlled by the public sector.
