RUSSIA AND ARMENIA TO COOPERATE IN GEOLOGICAL SURVEYS

RosBusinessConsulting
Feb 13 2008
Russia

RBC, 13.02.2008, Yerevan 17:28:41.A joint Armenian-Russian venture for
geological survey of uranium ores is expected to be formed in March
2008, the republic’s Environmental Protection Ministry reported today,
adding that a suitable office was to be found for the new company’s
headquarters. The joint venture’s equity capital is estimated at
$300,000 and will be owned by the governments of the two countries
on a parity basis. Armenis is to participate in the joint venture by
supplying resources and preparing promotional documents. Meanwhile,
a total of $3m is to be spent for four geological surveys in 2008,
the Armenian news agency ARMINFO reported today.

The document on the creation of the joint venture is scheduled to be
signed in February 2008 during Russian Prime Minister Viktor Zubkov’s
visit to Yerevan. The surveys are to be launched in the fall. state
nuclear corporation Rosatom estimates Armenia’s uranium deposits at
30,000 tonnes.