RUSSIAN URANIUM MINER ARMZ PLANS TO RAISE OUTPUT 12% IN 2009

RIA Novosti
16:10 | 26/ 11/ 2008

MOSCOW, November 26 (RIA Novosti) – Atomredmetzoloto (ARMZ), Russia’s
leading uranium producer, plans to increase production in Russia
and Kazakhstan by 12% to 4,300 metric tons, the company chief said
on Wednesday.

Vadim Zhivov said uranium output could reach 3,841 tons in 2008, a 20%
increase on 2006, and that the company could issue bonds next year.

Russia’s proven uranium reserves have increased 275% to 545,000 metric
tons since 2006, Natural Resources Minister Yury Trutnev said earlier
this month.

ARMZ manages all of Russia’s uranium mining assets and also
participates in uranium production in the Central Asian Republic
of Kazakhstan. The company is developing cooperation with Armenia,
Canada, Mongolia, Namibia and Ukraine. It is owned by Atomenergoprom,
which is part of Rosatom.

ARMZ aims to increase uranium production six-fold (up to 20,000 tons
per year) by 2024 and become the world’s leader in uranium mining.