Tenex and Renova jointly seek uranium
Russia's Techsnabexport (Tenex) has signed a cooperation agreement with Renova Group to set up joint ventures as part of a shared investment project to explore and develop uranium deposits in Africa and Asia.
The agreement was signed on 19 January by Tenex's Director General Vladimir Smirnov and Renova's Chairman of the Board Victor Vekselberg. The cooperation between the two companies is aimed at expanding the supply of uranium to support the planned development of Russia's nuclear power industry.
The two companies will establish joint ventures in South Africa, Namibia and the Democratic Republic of Congo (DRC), as well as other countries.
"We consider the agreement signed today the first step to making jointly with Renova a system of mutually beneficial agreements in a broad range of investment projects related to uranium mining industry,” Smirnov said. “The combination of Tenex's capabilities in uranium mining and Renova’s investment potential must produce most positive results for further development of the Uranium Mining Company established by Tenex and TVEL under the nuclear industry development program," he added.
Renova is a stakeholder and strategic investor in leading Russian stand-alone and holding companies in the metallurgical, oil, machine engineering, mining, chemical, construction, housing, utilities and financial sectors. The company is active in the power sector in four Russian regions.
Further information
WNA's Nuclear Power in Russia information paper
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