Uzbekistan, China create uranium joint venture

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Economy 31/08/2009 Uzbekistan, China create uranium joint venture

Uzbekistan, China create uranium joint-venture

Tashkent, Uzbekistan (UzDaily.com) -- State Committee for Geology and Mineral Resources of Uzbekistan and CGNPC Uranium Resources Co., which is a subsidiary of China Guangdong Nuclear Power Co (CGNPC), created a joint venture on prospecting for black-shale uranium deposits at the promising Boztau area in Navoi region.

Uzbek President Islam Karimov signed on 28 August a resolution of the Cabinet of Ministers on creation of the Uzbek-Chinese join venture Uz-China Uran LLC.

The new joint venture is being set up as part of a uranium cooperation agreement signed by the Uzbek State Committee for Geology and Mineral Resources and the Chinese state committee for development and reforms.

The authorized capital of the joint venture is US$4.6 million. Both sides will possess 50% at the joint venture, the resolution said.

The document also provided preferential rights to the China Guangdong Nuclear Power Co to buy uranium, produced by the venture.

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