Mongolia Forms Joint Venture with Russia over Uranium Deposits

24 August 2009 (Last Updated August 24th, 2009 18:30)

Mongolia's state-owned AtomMon has formed a joint venture with Russia's AtomRedMetGold to develop the Dornod uranium deposits in north-eastern Mongolia, Reuters reports. A change in Mongolian law in July gave the state greater ownership of strategic uranium deposits. Canad

Mongolia's state-owned AtomMon has formed a joint venture with Russia's AtomRedMetGold to develop the Dornod uranium deposits in north-eastern Mongolia, Reuters reports.

A change in Mongolian law in July gave the state greater ownership of strategic uranium deposits.

Canadian company Khan Resources held a license to develop the area and said in July it would look into how any change might affect it, Reuters reports.

The joint venture will produce about 27.73t of uranium and export the raw material for nuclear fuel, according to Mongolia Today.