Azernews.Az

Russia and Armenia agreed Tuesday to launch uranium prospecting in the south of Armenia by late 2008.
Atomredmetzoloto, a subsidiary of Russian nuclear authority Rosatom, and the Armenian environment ministry signed an agreement in Yerevan on establishing a joint venture to explore and mine uranium and other natural resources in the South Caucasus republic.
The two countries' experts plan to tackle geological exploration operations this summer.
Russia intends to invest millions in engineering and uranium exploration work this year, Rosatom's deputy general director Nikolai Spasskiy said.
"During the first year of exploration, we are going to invest $3 million, but if the work proceeds as planned, we might be looking at tens of millions of dollars," Spasskiy told a press conference after the signing ceremony.
Spasskiy said the joint venture could start drilling operations no later than in a year and a half, while geological exploration is scheduled for completion within four to five years.
Rosatom estimates that Armenia's uranium reserves exceed 10,000 tons.
Atomredmetzoloto manages all Russian uranium-producing assets as well as implements a number of projects in Kazakhstan.
The company ranks second in the world for uranium reserves. It is fully owned by Atomenergoprom, which is part of Rosatom.