Russia’s leading uranium miner to prospect in Namibia

June 2nd, 2008 - 5:17 pm ICT by IANS  

RIA Novosti
Moscow, June 2 (RIA Novosti) Russia’s leading uranium mining company Atomredmetzoloto said Monday it would start uranium prospecting in Namibia in the third quarter of 2008. Atomredmetzoloto, which is a subsidiary of nuclear power company Atomenergoprom, would set up a joint venture with a subsidiary of Russia’s second largest bank VTB, VTB Capital Namibia, and investment company Arlan, with headquarters in Namibia.

Arlan will hold 75 percent in the JV, while Atomredmetzoloto and VTB Capital Namibia will possess 25 percent, Atomenergoprom said in a news release.

Atomenergoprom, set up in 2007, became a part of state nuclear power corporation Rosatom in February this year.

Atomredmetzoloto will prepare a feasibility study and act as the project manager, while VTB’s subsidiary will contribute two uranium prospecting licenses to the JV.

Arlan will provide funds for the project, with initial investment estimated at $4.5 million, the news release said.

The JV will carry out prospecting in the promising Klein Spitzkoppe area of southwestern Namibia.

Prospecting is expected to last two or three years, and yield uranium reserves of at least 5,000 tons, the news release said.
RIA Novosti

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