MOSCOW, November 26 (RIA Novosti) - Atomredmetzoloto (ARMZ), Russia's leading uranium producer, plans to increase production in Russia and Kazakhstan by 12% to 4,300 metric tons, the company chief said on Wednesday.

Vadim Zhivov said uranium output could reach 3,841 tons in 2008, a 20% increase on 2006, and that the company could issue bonds next year.

Russia's proven uranium reserves have increased 275% to 545,000 metric tons since 2006, Natural Resources Minister Yury Trutnev said earlier this month.

ARMZ manages all of Russia's uranium mining assets and also participates in uranium production in the Central Asian Republic of Kazakhstan. The company is developing cooperation with Armenia, Canada, Mongolia, Namibia and Ukraine. It is owned by Atomenergoprom, which is part of Rosatom.

ARMZ aims to increase uranium production six-fold (up to 20,000 tons per year) by 2024 and become the world's leader in uranium mining.