Renova and Techsnabexport will discuss possible cooperation with South-African golden mining company

According to Rosatom, on July 20 the aspects of Renova-Techsnabexport group cooperation with Harmony Gold Mining, South African goal mining company, will be discussed at the meeting of Russian-South Africa intergovernmental Commission in Sochi. The head of intergovernmental commission, RF natural resources minister Yury Trutnev and Rosatom head Sergey Kirienko will address the meeting.

Remind that during visit of Trutnev and Kirienko to South Africa in February, 2007 Russian company Techsnabexport agreed with South-African partner to establish trilateral joint venture (JV) for uranium mining from 1 billion tons of mine-dump accumulated during fifty-year Harmony Gold's activity. Renova was planed to be investor of JV and to have interest in profits, (uranium reserves in mine-dump is estimated to be minimum 60 thousand tons). Techshabexport will extract and sell uranium.

This uranium project was close connected with Renova's plans to involve Harmony Gold as a strategic investor in its Russian gold mining asset - Kamgold company. Renova deputy chairman Alexander Zarubin told to Russian newspaper Kommersant:

"This contract is somewhat delayed in comparison with the terms planned initially. We looked our assets and now both Sides should make a decision".

According to Zarubin, this contract will be concluded till the end of 2007.

SOURCE: AtomInfo.Ru

DATE: July 28, 2007

Topics: Uranium, Russia