In the framework of this agreement the parties may set up a joint venture for development of uranium deposits in both Mongolia and Russia, Director General of Rosatom State Nuclear Energy Corporation Sergey Kiriyenko said after his meeting with Prime Minister of Mongolia Sanj Bayar on January 22, 2009.

“We are also planning the signing of a cooperation agreement between Atomredmetzoloto and the corporation that is presently being formed in Mongolia for mining uranium in that country,” Kiriyenko said. He pointed out that the joint venture  might mine uranium in third countries as well.

Bayar said that Mongolia had big uranium reserves while Russia had big experience in the field of uranium mining. “Uranium mining is not the only field we are planning to cooperate in. We are also interested in building small and medium-sized nuclear power plants,” Bayar said, Rosatom.ru reported.