23 Nov (NucNet): Canada-based uranium producer Cameco has signed a memorandum of understanding with Russia’s state-owned nuclear fuel cycle company Techsnabexport (Tenex) to pursue joint ventures in uranium exploration, development and production.
Cameco, the world’s largest uranium producer, said in a statement on 22 November 2006 that it would hold further discussions with Tenex to finalise an agreement that will enable the two companies to jointly explore for uranium in Russia, Canada and other prospective jurisdictions.
Cameco said the companies might also engage in development and production of any uranium deposits that are found.
A selection of joint exploration projects will be made, and a binding agreement signed, in 2007, Cameco said.
Cameco has worked with Tenex for a number of years and has an agreement with them to buy uranium from dismantled Russian weapons.
Earlier this month, Tenex and Russia’s nuclear fuel manufacturer TVEL formed a new uranium mining company, uniting their efforts in prospecting and mining both at home and abroad.
Tenex, whose head office is in Moscow, is involved with a wide range of nuclear fuel cycle products and services.
