Russia and Armenia sign agreement for establishing uranium prospecting and mining JV

22.04.2008 // Press services of Ministry of Environment Protection of Armenia and Uranium Holding ARMZ

By the end of 2008 Russian-Armenian JV is planning to start uranium prospecting in southern Armenia

During a meeting in Yerevan on Apr 22 2008 Minister of Inveronment Protection of Armenia Aram Harutiunyan and Director General of Uranium Holding ARMZ (Atomredmetzoloto OJSC) Vadim Zhivov have signed an agreement for establishment of a Russian-Armenian joint venture for prospecting and mining uranium and other mineral resources in the territory of Armenia. The signing ceremony was part of the visit of a delegation of Rosatom State Nuclear Energy Corporation led by Deputy Director General of Rosatom Nikolay Spassky.
 
This agreement is the first step to implement the memorandum for cooperation in the field of uranium prospecting, mining and processing and the plant of action 2008 signed by Rosatom State Nuclear Energy Corporation and the Ministry of Environment Protection of Armenia during the visit of Prime Minister of Russia to Yerevan on Feb 6 2008. Russia and Armenia will have equal stakes in the JV. The company will be registered in the coming three months. After the registration, in line with the Apr 4 2008 decree of the Government of Armenia, it will be granted a license for prospecting activities in the territory of Armenia.

Uranium Holding ARMZ, All-Russian Research Institute of Chemical Technologies (VNIIHT) and Geo-economy CJSC (Armenia) have drafted a program of prospecting activities in the territory of Armenia in 2008 and the following years. The JV is planning to start prospecting uranium by the end of this year. The project will be carried out in Syunik region (Southern Armenia). Russian experts have already analyzed the Soviet-time archives on uranium reserves in Armenia, carried out reconnaissance shooting of the area and assessed the local infrastructure. According to preliminary estimates, Armenia has 10,000 tons of uranium.

Atomredmetzoloto OJSC (Uranium Holding ARMZ) manages all Russian uranium mining assets and is carrying out a number of projects in Kazakhstan. The total reserves of the companies set up by the holding in Russia and Kazakhstan makes up 583,500 tons. 100% of shares of Atomredmetzoloto belong to Atomenergoprom OJSC, which is part of Rosatom State Nuclear Energy Corporation.