Russia, Mongolia set terms for uranium mining venture

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Russia and Mongolia set the terms Tuesday for the operation of a jointly-run uranium mine in the former Soviet satellite.

The Dornod Uran joint venture will dig for uranium in Mongolia's Dornod province and receive an initial investment of around 300 million dollars (225 million euros), Russian officials said.

The agreement was signed during talks here between Russian Prime Minister Vladimir Putin and his Mongolian counterpart Sukhbaatar Batbold.

Mongolia's mining industry is the country's largest, accounting for 40 percent of its export revenues, according to the World Nuclear Association.

Donrnod, Mongolia's biggest uranium deposit, was mined by a Russian subsidiary from 1988 to 1995.

Russia renewed interest in the site in 2009, when it initially created the new joint venture.

© 2010 AFP

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