ARMZ of Russia might become the third uranium producer

11/06/2010 09:08 Electricity Market

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ARMZ, the state-controlled miner in Russia, the country with 1/10 of the world’s uranium reserves, intends to expand outside the country, aiming to become one of the third major producers in the world. It signed a transaction on Tuesday of acquiring the majority of shares in proportion of 51% in Uranium One, Canada.

The deal will lead to the building of new nuclear plants, by creating a durable industry, largely seen as another option to reduce hydrocarbon sources. In 2009, ARMZ was the fifth main uranium producer in the world, after Rio Tinto, Cameco, Kazatomprom and Areva, according to some officials of the company, while Uranium One was on the eights position. ARMZ has already operations in two mines in Russia, with the third one under construction, holding as well licenses for numerous uranium deposits, counting the Elkon fields in Yakutia. Uranium One manages some projects in the republic of Central Asia, having as well assets in Kazakhstan, the Unites Stated and Australia. Both firms will generate about 7,130 tonnes this year, Uranium One contributing with 2,000 tonnes, however by 2011, it is expected that the Canadian group increase the production by 30%.

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