China and Russia to build a new strategic uranium mine

China and Russia to build a new strategic uranium mine
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The Russian and Chinese parties have agreed on terms of investment in the building of a new strategically important uranium mine, Nikolay Spassky, a Deputy Director General of Rosatom, announced on March 13.

Mr. Spassky specified that building of the uranium mine would be carried out on the premises of Priargunsky Industrial Mining and Chemical Union situated in the Siberian city of Krasnokamensk. The first phase is planned to be completed in 2023.

The Chinese nuclear corporation (CNNC), a large state-owned company engaged in the development and operation in the nuclear industry, will invest more than 16 billion rubles ($281 million) in the uranium mine construction. The first tranche of the Russia-China Investment Fund for Regional Development will amount to 2.5 billion rubles ($44 million). Within the framework of the agreement, China receives 49 percent or 600 tons of uranium per year.

It is noteworthy that Russia and China are already cooperating in the field of peaceful nuclear development, a glaring example of this is the Tianwan NPP,  a large nuclear power station in Jiangsu province of China. This is the first time China takes part in uranium mining projects of Rosatom.