Russia to invest $1 bln in Namibia uranium deposits

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RIA Novosti, PUBLISHED May 20, 2010

Russia will invest some $1 billion in uranium deposits in Namibia, Sergei Kiriyenko, head of the Russian State Atomic Energy corporation Rosatom said on Thursday.

Earlier on Thursday, Russian President Dmitry Medvedev and Namibian President Hifikepunye Pohamba, who is in Moscow on an official visit, signed a memorandum on cooperation in exploration and development of Namibian uranium deposits. The document stipulates opportunities for creating joint ventures in exploration, development and processing of uranium ore as well as uranium enrichment. The memorandum is effective for five years and may be automatically prolonged.

"We are ready to guarantee investments," Kiriyenko said, adding that Russia plans to buy into Namibian uranium deposits in 2010. He said the money would be invested in the full-fledged development of the deposits, production and manpower training.

The Turkish nuclear power station, which will be created in cooperation with Russia, may be one of buyers of the Namibian uranium, Kiriyenko revealed.

Russia and Namibia will also cooperate in implementing new technologies in geological exploration and development of uranium deposits.

Rosatom and the Namibian Ministry of Mines will create a joint task group to include Russia's Atomredmetzoloto and Namibian Epangelo Mining Ltd.

The Russian party also expressed its readiness to construct two hydroelectric power stations in the southwestern African state.

Topics: Uranium, Africa, Russia

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