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14 December 2010
Russia and Mongolia Approve the Terms and Conditions of Dornod Uranium Joint Venture
Rosatom State Corporation for Nuclear Energy, Mongolian Nuclear Energy Agency, ARMZ Uranium Holding Co. (JSC Atomredmetzoloto) and LLC MonAtom entered into an agreement containing the procedure and key terms of formation of Dornod Uranium JV pursuant to the inter-governmental agreement for establishment of Dornod Uranium Limited Liability Joint Venture, dated August 25, 2009.
The key terms of the JV include:
- LLC MonAtom will hold 51% in LLC Dornod Uranium, JSC Atomredmetzoloto will hold 49%;
- The parties will contribute their stakes in the existing Russian-Mongolian JVs into the charter capital of the new JV, as well as cash, rights to develop uranium properties in Mongolia and other assets pro rata to their equity interests;
- The Board of Directors of Dornod Uranium will consist of 10 members, 5 to be nominated by LLC MonAtom and 5 – by JSC Atomredmetzoloto;
- JSC PIMCU (Priargunsky) will be appointed the operator for Dornod Uranium.
Vadim L. Zhivov, ARMZ Uranium Holding Co.’s Director General, said: “Rosatom State Corporation for Nuclear Energy and ARMZ Uranium Holding Co. as its mining subsidiary cooperate with their Mongolian partners and consistently work on attainment of the objectives set by the leaders of the two countries in terms of cooperation in geological exploration and mining of uranium”.
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