Russian uranium firm ARMZ posts 4.5% output growth in Q1

MOSCOW, April 20 (RIA Novosti) - Atomredmetzoloto (ARMZ), Russia's leading uranium producer, said on Monday its uranium output had increased 4.5%, year-on-year, in January-March 2009 to 849 metric tons.

ARMZ manages all of Russia's uranium mining assets and also participates in 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 nuclear energy state corporation.

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