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Russia and China to work on joint uranium mining project

Stages of uranium processing. Photo by ARMZ Uranium Holding Co.

Rosatom announced on Monday that the Russia-China Investment Fund for Regional Development will kickstart the financing for a uranium mining project in Russia’s Zabaikalsky Territory.

Zabaikalsky is located in the southeastern region of Transbaikalia and has a 998-kilometre border with China and a 868-kilometre border with Mongolia.

According to state-owned website Sputnik, the agreement was signed on March 12, 2018, and following the signing ceremony, Russian Presidential Adviser Sergei Glazyev said the deal will strengthen commercial ties between Moscow and Beijing. “Both sides consider the project as the first step in widening cooperation. I think that the project is a breakthrough for creating mechanisms for joint investments in general,” Glazyev told the media outlet.

The new project is expected to cost about $330 million. The fund’s first contribution is estimated at $43.9 million.