OREANDA-NEWS. March 19, 2009. The text of the governmental decree says that the founders of EMMC-project are the state, represented by Rosatom State Nuclear Energy Corporation, Atomremetzoloto OJSC and Elkon Mining-Metallurgical Combine CJSC.
 
The state will contribute 2.657bln RUR to the authorized capital of the company (2.391bln RUR in 2009 and 265.7mln RUR in 2010). The Ministry of Finance of Russia will have to draft relevant amendments to the law on the federal budget 2009 and for 2010–2011.

To remind, the construction of Elkon MMC is part of the program of complex development of Southern Yakutia, which is being carried out with the support the Investment Fund of Russia. The company is supposed to develop Elkon uranium deposit and to enrich the extracted uranium. Some 90.5bln RUR is supposed to be spent on the construction of the combine. Rosatom is planning to start developing Elkon deposit in late 2011 with as much as 5,000 tons of natural uranium to be mined there in 2015–2016 (full capacity). The estimate will be drafted in 2009–2010, the construction will be started in late 2010-early 2011.

Elkon deposit is situated in the territory of Yakutia. Its reserves are estimated at 319,000 tons of uranium – 6% of the world reserves.

Last week Prime Minister of Russia Vladimir Putin has approved the passport of the investment project “Elaboration of Design Documentation for Implementation of Investment Program “Complex Development of Southern Yakutia.”” The documentation will cover the building of motor roads and railways, the construction of Kankun Water Power Plant and Elkon Mining Processing Combine. The cost of the project is estimated at 10.424bln RUR (VAT inclusive): 7.520bln RUR in 2009, 2.831bln RUR in 2010. The Investment Fund of Russia will provide 7.788bln RUR.