Russia offers JV to India on uranium mining

Russia has offered India joint exploration and exploitation of uranium resources within its territory as well as in other countries to help meet the expanding demand for nuclear fuel from India's n-power industry.

According to a Russian nuclear state corporation spokesperson, an invitation had been extended to Delhi to participate in uranium mining projects with Russia.

According to Rosatom spokesperson, Sergei Novikov, Moscow's offer came with a pre-condition that the controlling stake in joint venture projects within Russia would stay with Rosatom, with outside partners eligible for stakes not exceeding 49 per cent.

Novikov clarified that talks in this regard were held in Delhi last week by Rosatom CEO Sergei Kiriyenko with officials from the Uranium Corporation of India Ltd.(UCIL). The talks were part of the 16th session of Indo-Russian Inter-Governmental Commission.

Novikov said the Elkon project in Russia's South Yakutia was one such that both sides would look at, though the Indian stake here would be less than 49 per cent with the project already having taken onboard foreign stakeholders. He declined to identify these stakeholders.

While announcing the offer in the course of his visit to New Delhi, Rosatom chief, Sergei Kiriyenko, also said he expected the Uranium Corporation of India Ltd (UCIL) to pick up at least 25-per cent stake in the deposit.