Armenia to Set Up Uranium Prospecting
Joint Venture with Russia

YEREVAN (RIA Novosti) — The Armenian government authorized on Thursday the establishment of a joint venture with Russia for the additional prospecting of uranium deposits in the South Caucasus republic.

Russia’s state nuclear corporation Rosatom and the Armenian environmental ministry agreed in February to set up a joint venture on a parity basis for the additional prospecting of Armenian uranium, which will be enriched in a specialized international center in Angarsk, East Siberia.

The centre is to operate under the supervision of the International Atomic Energy Agency (IAEA).

"This decision was made pursuant to a memorandum signed between Rosatom and the Armenian environmental ministry on February 6, 2008 on developing cooperation in uranium prospecting, production and processing," the Armenian government’s press office said.

Armenian uranium reserves are estimated at 30,000-60,000 metric tons.