Uranium Mining Company (UGRK) was founded by state-run nuclear fuel producer TVEL and uranium trader Techsnabexport on November 2 to develop uranium deposits inside and outside Russia, and to import uranium.
UGRK head Alexander Shkarovsky said a joint venture may be formed to develop the Novokonstantinovsk field in Ukraine, which is expected to yield 2,500 metric tons annually by 2020. The Erdes deposit in Mongolia will bring another 500 tons a year.
Shkarovsky said that under the company's development plan, UGRK will produce around 29,000 metric tons of uranium per year by 2020, including 18,000 in Russian enterprises.
The company's plans include the construction of new uranium-producing JVs in former Soviet republics and other countries.
During the first stage, the company will develop a strategy for uranium production in Russia and abroad, after which UGRK will take over trust management of the production assets of TVEL and Techsnabexport, including ventures in Siberia, Kazakhstan and Uzbekistan. In the third stage, the assets will be transferred to the company's balance.
Russia's uranium production accounts for around 8% of global output. Up to 90% of profits in the country's nuclear sector come from nuclear fuel, power and service exports, according to nuclear chief Sergei Kiriyenko, but Russia seeks to import more uranium.
Russia plans to meet 60-70% of its uranium demand domestically by 2015.
