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Areva cleans slate with massive writedown

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Areva cleans slate with massive writedown

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French nuclear reactor maker Areva says it will write off 2.36 billion euros from its accounts this year.

It is part of an effort by new Chief Executive Luc Oursel to deal with project delays that will push the company into an operating loss this year.

That comes as several governments abandon plans for nuclear energy after Japan’s Fukushima crisis and the value of uranium mines Areva owns slumped.

Prior to Fukushima, Areva’s performance was plagued by the delay of its Olkiluoto nuclear project in Finland and disappointing results from the uranium mines, formerly known as Uramin, it bought in Africa in 2007.