Russia and Namibia are set to sign an agreement to jointly explore uranium in Namibia.
According to a report by Reuters, a memorandum of intent will be signed when Namibian President Hifikepunye Pohamba visits Russia between 20-22 May.
In a statement, the Kremlin said it is in the best interest of Russian business to access the vast mineral reserves of Namibia, the world’s fourth-largest uranium producer.
Russia seeks to compete with global miner Rio Tinto, which runs the Rossing mine, which together with Paladin Energy’s Langer Heinrich mine accounts for about 10% of global uranium output.
Russia and Namibia are considering widening Russian involvement in large projects in Namibia, including mineral deposits, hydrocarbon exploration and power.