Interfax News Agency, Russia
Russia & CIS Energy Newswire
February 14, 2008 Thursday 4:05 PM MSK

Armenia, Russia could form uranium JV in March

YEREVAN Feb 14

Armenia and Russia could form a state joint venture to mine and
process uranium in Armenia in March, the Armenian Environmental
Protection Ministry said in a press release.

The JV will be set up on a parity basis. The two states have already
paid $300,000 into its capital.

The Armenian ministry said Russia planned to invest $3 million in
exploration this year. Armenia’s own contribution will be limited to
the provision of resources and information. Exploration should begin
in earnest in the fall of this year.

Armenian specialists think that the country’s uranium deposits could
go into production in five years if the exploration is a success.

Deposits containing an estimated 30,000 tonnes or more of uranium
have been discovered in Armenia. Rosatom, the Russian nuclear
industry corporation, reckons reserves could increase 50%-100% as the
result of further exploration as the deposits were not fully explored
in Soviet times.