The joint venture was set up in 2004 and is exploring a uranium ore deposit with estimated reserves of 19,000 metric tons of uranium in Zarechnoye, near the border with Central Asian neighbors Uzbekistan and Kyrgyzstan.
"In early December, we are going to celebrate the production of the first ton of uranium at the Zarechnoye JV," said Sergei Kiriyenko, head of the Federal Atomic Energy Agency.
Techsnabexport, Russia's state-controlled uranium supplier and a provider of uranium enrichment services, holds a 49.33% stake in the joint venture.
Kiriyenko said earlier that Russia, which accounts for 8% of the world's uranium output, should replace its non-renewable gas resources with nuclear energy.
Russia's reserves of coal and natural gas will be depleted in 50 years, and in response Russia is planning to expand its nuclear energy sector and meet 60-70% of its uranium demand domestically by 2015.
He said that uranium production was not profitable earlier in Russia, when the average price for one kilogram was $40. However, with the price now at $100 per kilogram, production has become profitable.
Kiriyenko said Russia intends to extend its cooperation with all uranium-producing countries.
He said that in Soviet times, Russia produced a considerable amount of uranium for military purposes, which could last the country for many decades.
But he added that the current increase in uranium production was necessary for the full-scale development of Russia's nuclear sector.
