Rosatom eyes U.S., Canadian uranium ventures

21:32, August 25, 2010      

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Russia was negotiating with the United States about building a uranium enrichment plant on U.S. territory, the head of Russia's atomic state corporation, Rosatom, said Wednesday.

Sergei Kirienko said the project would start only after the U.S. Congress approved Agreement No. 123 on peaceful use of atomic energy.

Kirienko said Rosatom also planned to acquire a controlling stake in Canadian Uranium One (U1) company to diversify its global production.

"We want to create a developing platform that will be our base for further advances into the other markets, for cooperation, mergers and acquisitions," said the official as quoted by the RIA Novosti news agency.

In July, U1's board of directors recommended its shareholders approve the deal with Russian uranium-producing company Atomredmetzoloto, which is one of Rosatom's subsidiaries. The Russian company offered 610 million U.S. dollars for the controlling stake in the Canadian company.

A final decision will be made by the Canadians on Aug. 31.

If approved, it would create the fifth largest uranium producer in the world.



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