OREANDA-NEWS. March 10, 2009. The transaction for the purchase of the uranium mining assets of Effective Energy N.V. by Uranium Holding ARMZ has been approved by relevant government agencies of Kazakhstan.

The transaction for the purchase of the uranium mining assets of Effective Energy N.V. by Atomredmetzoloto OJSC (Uranium Holding ARMZ) has been approved by relevant governmental agencies of Kazakhstan. The parties have been permitted to finalize their deal by the Ministry of Energy and Mineral Resources and the Agency for Protection of Competition of Kazakhstan.

Thus, Rosatom State Nuclear Energy Corporation has consolidated 100% of the uranium mining assets owned by Russia in the territory of Kazakhstan in the framework of the inter-governmental Russian-Kazakh complex program of cooperation in the field of peaceful use of nuclear energy, which is being implemented jointly with Kazatomprom on the instruction of the presidents of Russia and Kazakhstan.

The purchase of the assets of Effective Energy N.V. has made Uranium Holding ARMZ the second biggest foreign uranium miner working in Kazakhstan in terms of the amount of uranium reserves.

“This deal will enlarge the successful cooperation of Russia and Kazakhstan in the field of uranium mining and will strengthen the energy capacities of our countries. Uranium Holing ARMZ carries out uranium projects in three continents and the purchase of highly efficient enterprise in Kazakhstan will help the company to further diversify its activities and reserves,” says Director General of Atomredmetzoloto Vadim Zhivov.