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The Uranium Patriotism
Russia’s Tekhsnabexport has entered into an agreement with Japanese Mitsui to jointly elaborate a feasibility study for funding the project of Elkon deposit, which is the biggest of all uranium deposits ever explored in Russia. Mitsui eyes 25 percent in the future producer of uranium, but the alliance will have to overcome opposition of the RF Ministry of Nature, which hasn’t distributed Elkon licenses yet.
Tekhsnabexport and Mitsui sealed the respective agreement past week, representatives of Tekhsnabexport said. Mitsui undertook to invest $6 million in elaborating a feasibility study for one of the eight areas of Yuzhnaya (South) zone of Elkon.
Elkon is the biggest in Russia. It accounts for a half of uranium reserves ever explored in the country – 344,000 tons of 615,000 tons overall. Yuzhnaya reserves are estimated at above 250,000 tons and their development calls for around $2 billion.
The agreement with Tekhsnabexport authorizes Mitsui to acquire up to 25 percent of all stocks of the joint venture, which will develop one of the license areas of the deposit. Moreover, Mitsui has obtained an exclusive right to negotiate extension of its interest once other license areas are added to the project.
As to Tekhsnabexport, it wants to construct a uranium mine for Mitsui’s account. Uranium deliveries are slated to begin in 2009, while the annual project capacity of 1,000 tons could be attained by 2015.
www.kommersant.com
All the Article in Russian as of Oct. 09, 2006
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