U.S. Dismisses Concerns of Russian Control of Uranium Production

Concerns about Russian control of U.S. uranium production reflect a “misunderstanding” of the global nuclear fuel cycle, according to Deputy Energy Secretary Daniel Poneman.

The multilayer fuel cycle includes natural uranium resources in some countries, enrichment of the fuel, transportation, and storage of used fuel, Poneman told reporters in Moscow today. The U.S. remains a central player along the value chain, he said.

“We are moving increasingly to an integrated global nuclear industry,” he said. “That is the fact of life.”

ARMZ, the uranium-holding unit of Russia’s state-owned nuclear-energy group Rosatom Corp. in Moscow, announced a partial takeover of Uranium One Inc. of Vancouver, Canada, this year. U.S. agencies including the Nuclear Regulatory Commission approved the deal. The Financial Times reported yesterday the deal may give ARMZ control of more than half of U.S. uranium production.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net