Russia’s uranium output jumps 7 percent in 2007

Russia mined 7 percent more uranium last year and it plans to spend $400 million raising 2008 output by another 5 percent, state-controlled uranium miner Atomredmedzoloto said in a statement on Wednesday.

The firm plans to triple output by 2015 and it says Russia produced 3,413 tonnes of uranium last year. This year it will mine 3,580 tonnes and start prospecting with leading uranium miner Cameco Corp.
The two firms plan the first investment in two separate joint ventures to explore for uranium in their home countries of Russia and Canada, Atomredmedzoloto said.

Russia holds more than a 10th of world reserves of uranium and is positioning itself as a major player in meeting growing demand from the fast-growing nuclear industry, which is paying record-high prices as uranium demand outstrips dwindling supply.

The top three miners, Canada, Australia and Kazakhstan, together account for more than half the world’s uranium production, the World Nuclear Association says.

Reuters