What are the main areas in the MOU between VARANS and Lightbridge Corporation in the Comprehensive Cooperation in the field of Radiation and Nuclear Safety for the Peaceful Use of Nuclear Energy?

Mr. Seth Grae: Lightbridge will work in six areas to support VARANS—that are all subjects of in-depth experience of Lightbridge experts. We expect to start with assistance in furtherance of the legal and regulatory infrastructure for radiation and nuclear safety.

The second area of our support is further development of the Integrated Quality Management system.

The third is support to the main nuclear regulatory activities, including reviews and assessments, licensing and authorization, inspection and enforcement—and the very important area of training.The 4th area of support is in administration and finance, including human resources, document control, and license fees and billing.The 5th area is support in international and governmental affairs, including the very important area of transparency and public information. And finally the 6th category of support by Lightbridge Corporation to VARANS is for nuclear safeguards and security, and regulatory activities for import and export of nuclear and radioactive materials.

Lightbridge and VARANS Company signed MOU for cooperation and development of nuclear energy

Lightbridge is the first U.S. company to work with VARANS on Vietnam’s nuclear energy program. What are the meanings of this MOU?

Mr. Seth Grae: This MOU recognizes Lightbridge’s global expertise in developing effective support infrastructure for non-proliferative, commercial nuclear energy programs and is another important step in Vietnam’s drive to deliver clean, safe, affordable nuclear energy to support the nation’s economic growth.

Commercial nuclear energy opportunities in Vietnam are estimated at $10 billion and are expected to grow to $50 billion by 2030, according to U.S. Department of Commerce estimates.  The second largest nuclear power market in Southeast Asia after China, Vietnam has declared its intention to supply more than 10% of national power demand from nuclear by 2030.  Vietnam currently generates 32 GWe of electricity from hydro, coal and natural gas power plants.  Plans call for construction of four nuclear reactors at two sites beginning later in this decade to generate approximately 4 GWe of electricity, according to the most current data compiled by the World Nuclear Association.

This MOU provides a framework for Lightbridge’s advisory service team to support VARANS under specific tasks as VARANS seeks to implement best practices in nuclear regulation, licensing, inspection, and education and training activities. Lightbridge has generated more than $52 million in advisory services revenue since 2008.

Can you share information about Lightbridge and its business activities?

Mr. Seth Grae: Lightbridge is a U.S. nuclear energy company that is developing patent-protected, proliferation resistant, next generation nuclear fuel technologies for current and future nuclear reactor systems.  The Company also provides comprehensive advisory services in several countries around the world for established and emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence.  Lightbridge's breakthrough fuel technology is establishing new global standards for safe and clean nuclear power and leading the way to a sustainable, carbon-free energy future. Lightbridge consultants provide integrated strategic advice and expertise across a range of disciplines including regulatory affairs, nuclear reactor procurement and deployment, reactor and fuel technology and international relations. The Company leverages those broad and integrated capabilities by offering its services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure.

Thank you Mr. Grae for this conversation.

Anh Tuyet reported