Russia, Mongolia Reach Agreement on Uranium Deposit
Russia and Mongolia signed an agreement on the principals of creating a joint venture to develop the central Asian country’s biggest untapped uranium field, the Dornod resource.
The agreement was signed in Moscow today by Rosatom Corp., Russia’s nuclear power company, Russia’s government-run ARMZ Uranium Holding, Mongolia’s state-owned KOO MonAtom and the country’s nuclear agency.
Russian investment in the first stage of the project is $300 million, Rosatom chief Sergei Kiriyenko said. Production may start next year, he said.
Development of some of the world’s largest untapped mineral resources has been delayed in Mongolia by political infighting and a lack of funds. The nation plans to set up companies to manage the resources and may sell shares to global investors, Prime Minister Sukhbaatar Batbold said in February.
To contact the reporter on this story: Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net
To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net
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