OREANDA-NEWS. June 2, 2008. In late May 2008 the Board of Directors of Uranium Holding ARMZ (Atomredmetzoloto OJSC, subsidiary of Atomenergoprom OJSC) gave its consent to the company’s participation in the joint project of VTB Capital Namibia (subsidiary of VTB Bank) and Arlan Investment Company for prospecting and mining uranium in Namibia.
 
The Board approved the scheme of cooperation specified in the trilateral memorandum on mutual understanding signed in Mar 2008.

By mid 2008 ARMZ is planning to set up a joint venture headquartered in Namibia. Arlan will hold 75% minus 1 share, ARMZ and VTB Capital Namibia – 25% plus one share. ARMZ will carry out the feasibility study and the management of the project, VTB Capital Namibia will contribute two uranium prospecting licenses, Arlan will finance the company’s activities. The initial investments will make up \\$4.5mln.

The prospecting activities will be started in the third quarter of this year over an area of 150 h in Klein Spitzkoppe, South-Western Namibia, and will last for two-three years. The companies suppose to discover a deposit with at least 5,000 tons of uranium.