The French nuclear power company Areva has renamed New Areva, which groups together nuclear fuel cycle operations, Orano. Orano's activities include uranium mining, conversion, enrichment, fuel recycling, dismantling and engineering. The company will focus on nuclear material development and waste management. Orano does not plan to invest in new uranium mines, since global uranium market prices are currently too low. The company aims to be cash flow positive from 2018 onwards and expects a 30% share for Asia in its turnover by 2020 compared to the current 20%.
This rebranding marks the end of the Areva group, which suffered from the 2008 financial crisis, the 2011 Fukushima disaster, delays in the Olkiluoto-3 nuclear project in Finland, risky acquisitions, corruption and competition with French energy utility EDF. In 2017, Areva was split into three companies: Areva NP (nuclear reactors and plant equipment) was taken over by EDF and renamed Framatome; New Areva (fuel cycle operations) became Orano; and Areva SA (head quarter) will be maintained until the end of the Olkiluoto-3 contract.