Uranium Holding ARMZ, VTB capital Namibia and investment company Arlan to Form a Uranium Upstream Joint Venture in Namibia
In late May 2008 the Board of Directors of the Uranium Holding ARMZ (OJSC Atomredmetzoloto, a company controlled by OJSC Atomenergoprom) approved the holding’s participation in a joint project with a VTB’s subsidiary (VTB capital Namibia) and the Investment Company IC Arlan to conduct geological exploration and mining of uranium in Namibia.
The decision of the Board of Directors approved the cooperation structure outlined in the tripartite Memorandum of Understanding concerning joint uranium and associated minerals exploration and mining projects in Namibia executed in March 2008.
The companies plan to create a Namibia-based joint venture by mid of this year. IC Arlan will own 75% minus one share in the JV, 25% plus one share will be held by the Uranium Holding ARMZ and VTB capital Namibia. Uranium Holding ARMZ will perform a feasibility study and management of the project, and VTB capital Namibia will contribute to the JV two exploration licenses for uranium prospecting operations. The prospecting effort will be funded by IC Arlan. The initial investments in the project will be $4.5 mln.
The JV plans to start prospecting as early as in the third quarter of the current year. The work will be conducted on two sites with the total area of about 150 ha in the Klein Spitzkoppe prospect in the south-west of Namibia. The exploration work will go on for two-three years. The prospecting should result in discovery of a deposit with the reserves of at least 5,000 tons of uranium.
Uranium Holding ARMZ (OJSC Atomredmetzoloto) manages all Russian uranium mining assets and undertakes a number of projects in Kazakhstan. 100% of the uranium holding’s shares are held by OJSC Atomenergoprom, a company controlled by the State Nuclear Power Corporation Rosatom.
VTB Capital (Namibia) Ltd is a subsidiary of the Russian bank OJSC VTB Bank and the biggest investment holding of Namibia – Capricorn Investment Holdings Ltd. The Company is engaged in attracting Russian business and technologies to the Namibian market and the market of other African countries to implement joint projects. The key areas of the company’s business include mining and processing of mineral resources, as well as energy, construction and trade.
Investment company Arlan was founded in 1990. The Company implements investment projects in Russia and the CIS in metallurgy, real estate, mining and production of non-ferrous metals and mining of non-ore resources.
What are cookies? Cookies are small text files which a website may put on your computer or mobile device when you first visit a site or page. The cookie will help the website, or another website, to recognize your device the next time you visit. Web beacons or other similar files can also do the same thing. We use the term “cookies” in this policy to refer to all files that collect information in this way.
There are many functions cookies serve. For example, they can help us to remember your username and preferences, analyze how well our website is performing, or even allow us to recommend content we believe will be most relevant to you.
Certain cookies contain personal information – for example, if you click to “remember me” when logging in, a cookie will store your username. Most cookies won’t collect information that identifies you, and will instead collect more general information such as how users arrive at and use our websites, or a user’s general location.
We also use or allow third parties to serve cookies that fall into the four categories above. For example, like many companies, we use Google Analytics to help us monitor our website
traffic. We may also enable third parties to serve cookies to help to identify fraudulent or non-human traffic on some of our websites. We may also use third party cookies to help us with market research, revenue tracking, improving site functionality and monitoring compliance with our terms and conditions and copyright policy.
Can a website user block cookies? As we’ve explained above, cookies help you to get the most out of our websites. However, if you do wish to disable our cookies then please follow the instructions on https://www.wikihow.com/Disable-Cookies. Please remember that if you do choose to disable cookies, you may find that certain sections of our website do not work properly.
Do we track whether users open our emails? Our emails may contain a single, campaign-unique “web beacon pixel” to tell us whether, and how many times, our emails are opened and verify any clicks through to links or advertisements within the email. We may use this information for purposes including determining which of our emails are more interesting to users, to query whether users who do not open our emails wish to continue receiving them, to check that content is being used in accordance with our terms and conditions, and to inform our advertisers in aggregate how many users have clicked on their advertisements. The pixel will be deleted when you delete the email. If you do not wish the pixel to be downloaded to your device, you should select to receive emails from us in plain text rather than HTML.