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27 March 2008
Uranium Holding ARMZ Press Release
Buryatia President Vyacheslav Nagovitsin discussed the outlook for the uranium enterprise OJSC Khiagda with the General Director of OJSC Atomredmetzoloto Vadim Zhivov
On March 26, 2008 Vyacheslav Nagovitsin, President of Buryatia, had a meeting with the General Director of OJSC Atomredmetzoloto (Uranium Holding ARMZ) Vadim Zhivov in the building of the mission of the President of the Buryatia Republic with the President of RF.
The CEO of the Uranium Holding ARMZ informed the Buryatia President of his company's extensive plans to develop the uranium mining in Buryatia. There is a major Vitim uranium mining province in the territory of the Republic, a province which has a lot to offer in terms of mining uranium using an efficient and environmentally safe in-situ leaching method. The mineral resources of the province include about 55,000 tons of С1 + С2 uranium reserves, with the total uranium resources estimated at 100-150 thousand tons.
The Uranium Holding ARMZ is now constructing a Buryatia subsidiary - OJSC Khiagda, a company which will develop the deposits in the Vitim province. Having produced 26 tons of uranium as part of pilot operation last year, this year OJSC Khiagda plans to increase production almost five times and produce 120 tons. A construction feasibility study for a company with the annual capacity of 1,000 tons of uranium has been prepared. In general, the mineral resources of the province and the pilot operation results allow to enhance the capacity of the future enterprise up to 2,000 tons per year in 2015.
It is proposed that the infrastructure facilities to be constructed in the area of future operations in Buryatia will be funded by the Investment Fund of RF under the Comprehensive Development of Transbaikalia Project. In particular, the project provides for funding of the construction of the federal motor road and a bridge over the Vitim River in the vicinity of Romanovka village (both will substantially increase the accessibility for OJSC Khiagda).
President of Buryatia Vyacheslav Nagovitsin pledged to fully support the development plans of the Uranium Holding ARMZ and the Comprehensive Development of Transbaikalia Project. As a result of the meeting the Buryatia President decided to hold a special meeting for all participants of the Comprehensive Development of Transbaikalia Project in the first half of April in Ulan-Ude.
