30 Sep 2010 14:00

Russia's ARMZ looking at gold projects

MOSCOW. Sept 30 (Interfax) - Russian uranium producer Atomredmetzoloto (ARMZ) is considering gold mining projects in Russia and abroad, the holding's deputy chief, Alexander Boitsov, said at the Minex 2010 forum inn Moscow.

ARMZ is already carrying out one such project at the Lunnoye deposit with the company Zoloto Seligdara, and plans to launch pilot production there before long.

ARMZ's other non-uranium projects include the Lukoyanov titanium-zirconium field.

Boitsov said ARMZ's takeover of Canada's Uranium One (U1) would rank the Russian holding second in the world by uranium mine production. ARMZ and U1 could be producing a combined 12,400 tonnes of uranium in 2015. The deal will also bolster ARMZ's uranium reserves from 609,000 tonnes to 740,000 tonnes.

ARMZ, which is controlled by state nuclear corporation Rosatom, is currently the world's fifth largest uranium producer and second biggest by reserves. Its main assets are located in Russia and Kazakhstan, with projects planned in Namibia, Armenia and Mongolia.