| Russia after local uranium |
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| Written by Staff Reporters | |
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Russia’s leading uranium mining company, Atomredmetzoloto - a subsidiary of state nuclear power company Atomenergoprom - said this week it intends to start uranium prospecting in Namibia in the third quarter of the year.
RIA Novosti reported this week that Atomredmetzoloto intends to set up
a joint venture company with a subsidiary of Russia’s second largest
bank VTB, VTB Capital Namibia, and investment company Arlan, with
headquarters in Namibia.
Arlan will hold 75% minus one share in the JV, while Atomredmetzoloto and VTB Capital Namibia will control 25% plus one share, Atomenergoprom is cited in a news release quoted by RIA Novosti. Atomenergoprom, set up in 2007, became a part of state nuclear power corporation Rosatom in February this year. Atomredmetzoloto will prepare a feasibility study and act as the project’s manager, while VTB’s subsidiary will contribute two uranium-prospecting licenses to the JV. Arlan will provide funds for the project, with initial investment estimated at US$4.5 million, it was reported. The JV will carry out prospecting in the promising Klein Spitzkoppe area of western Namibia. Prospecting is expected to last for two or three years and yield uranium reserves of at least 5,000 tons. |
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