"We have very big cooperation prospects, including extending the contract to supply low enriched uranium until 2020," Sergei Kiriyenko told journalists.
Kiriyenko said Russia and South Africa had far greater potential for cooperation now, adding that the two countries had a good basis for relations.
The Russian nuclear chief said both South Africa and Russia plan to implement a large-scale development program for the nuclear industry until 2030, envisioning the construction of 20 nuclear power units.
Besides participation in uranium production in South Africa, Kiriyenko said Russia could supply floating NPPs to be used, in particular, for water desalination.
He said talks are underway as to what conditions would be best for Russia to take part in RSA projects.
Kiriyenko said earlier Wednesday Russia's Renova Group and South Africa's Harmony Gold Mining have signed a memorandum of understanding.
Russia has been looking to increase its presence on the world nuclear fuel market, but has encountered resistance, particularly from the United States, which imposed anti-dumping restrictions on Russian nuclear fuel imports in 1992.
The memorandum records both sides' interest in cooperating to develop gold and uranium deposits in South Africa.
"Cooperation between the companies includes joint uranium production in South Africa and South African company's participation in projects in Russia, based on an asset swap," he said.
