Russian billionaire Prokhorov says eyes uranium

State-controlled uranium miner Atomredmedzoloto will be in charge of developing Elkon and other deposits. The company plans to produce 10,000 tonnes a year of uranium by 2015, more than three times what it produced last year. (Reporting by Polina Devitt, writing by Robin Paxton; Editing by David Cowell) – ST PETERSBURG, Russia, June 8 – Russian billionaire Mikhail Prokhorov said on Sunday his investment company Onexim would consider investing in uranium deposits in the country’s far east, including the giant Elkon deposit. Prokhorov, Russia’s fifth-richest man, is part-owner of gold miner Polyus and owns a 14 percent stake in United Company RUSAL, the world’s largest aluminium producer.

“I’ll study this opportunity,” Prokhorov told reporters on the sidelines of the St Petersburg Economic Forum when asked about his interest in uranium assets.

“It’s linked to the Elkon group of deposits. We’ll discuss this internally within the group,” he said.

Japan’s Mitsui & Co has agreed to participate in developing the Elkon deposit, a huge uranium field that Russia hopes will play a central role in expanding production of the metal used in nuclear fuel.

Russia holds more than a tenth of world reserves of uranium and is positioning itself as a major player in meeting growing demand from the fast-growing nuclear power industry.

State-controlled uranium miner Atomredmedzoloto will be in charge of developing Elkon and other deposits. The company plans to produce 10,000 tonnes a year of uranium by 2015, more than three times what it produced last year.

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