Supplies of Australian uranium to Russia will enhance the competitiveness of the national processing industry

06.09.2007 // Minatom.ru

Russia’s deal with Australia for importing Australian uranium will enhance the competitiveness of the national processing industry

While commenting on the deal on Friday, the head of Rosatom Sergey Kiriyenko said that Australia is the biggest uranium power: its “Olympic Dam” deposit alone has more uranium that the whole Russia. But while Australia has 40% of the world’s uranium, Russia has 40% of the world’s capacities to process it.

So, the agreement is mutually beneficial. It allows delivering uranium into Russia for processing. It says that any consumer buying the uranium can import it into Russia. This will not only give us raw materials but will significantly enhance the competitiveness of our processing industry.

Kiriyenko pointed out that the parties to the agreement will in never give the uranium to the countries that might use it for other than peaceful purposes. “All our international agreements, including the deal with Australia, are based on 100% non-proliferation guarantees. This particular agreement says that Russia will get the Australian uranium for its own needs.”

“I think that we have concluded a good – model — agreement: it protects our commercial and political interests and provides 100% guarantees of non-proliferation,” Kiriyenko said.