In early October, the state-controlled nuclear fuel producer and supplier, Tekhsnabexport, which operates on the world market under the brand name of Tenex, and Japan's Mitsui & Co. announced the implementation of a joint project to develop a sector of the Yuzhnaya zone of the Elkon uranium ore field, in the Republic of Sakha (Yakutia) in Russia's Arctic Far East.
"We will cooperate with Japan's Mitsui and Canada's Cameco to jointly produce uranium," Sergei Kiriyenko said.
Tekhsnabexport earlier said the agreement with Mitsui was unique because for the first time a foreign company will be directly involved in preparing a feasibility study on a uranium development project in Russia.
Russia said in late September its estimated stock of uranium amounts to 615,000 tons, and that it accounts for 8% of the world's total uranium output.
Russia's nuclear chief, Sergei Kiriyenko, said earlier the country'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 Russia intends to extend its cooperation with all uranium-producing countries.
Techsnabexport provides about 35% of global uranium supplies, and plans to expand its operations in Central Asia and the Asia-Pacific region.
