Renova And Tekhsnabexport Team Up With Uranium
22 January 2007
KOMMERSANT (MOSCOW)— Viktor Vekselberg's Renova Group and OAO Tekhsnabexport (TENEX) on Friday 19 January 2007 announced a joint venture to conduct uranium exploration and production in South Africa, Namibia and Gabon. Renova partner Mark Buzuk told Kommersant that the venture may later extend to the Dordon-Aimak and Gurvan-Bulag deposits in Mongolia. An industry source said that Renova may receive up to a 50-percent share in the African joint ventures with Tekhsnabexport, the latter’s first deal with another Russian firm and the most lucrative for a partner since a 25-percent deal with the Japanese firm Mitsui. Buzuk told Kommersant that Renova would completely finance the project, adding that Tekhsnabexport would handle sales of uranium, while Renova would have the right to sell accompanying metals, such as gold. Kommersant quoted unnamed analysts as applauding Renova’s uranium deal, where profitability can reach 80 percent. Source: http://www.kommersant.com/p735629/Renova_Tekhsnabexport_uranium/
Source Reliability: 7.5
Comment: Tekhsnabexport has not indicated any plans over processing the fuel at conversion facility at
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