OREANDA-NEWS. August 25, 2009. Director General of Rosatom State Nuclear Energy Corporation Sergey Kiriyenko and Head of the Mongolian Nuclear Energy Agency Sodnomyn Enhbat signed an inter-governmental agreement for establishment of Dornod Uranium joint venture.

The joint venture is supposed to mine uranium and associated mineral resources. The key activities of the company will be prospecting and mining uranium ores, transporting, processing and enriching the extracted mineral resources and selling the finished production; creating and operating uranium mining capacities and other industrial infrastructure in the territory of Mongolia; attracting investments and financing for the activities of the company in the territory of Mongolia; ensuring nuclear, radiation and ecological safety; carrying out reclamation activities in accordance with the Mongolian legislation and the international standards; executing auxiliary work.

The company has been founded by Atomredmetzoloto and MonAtom on a parity basis. Third parties can have stakes in the company’s capital with the approval of the founders. All licenses and permissions will be granted by the Mongolian party in compliance with the legislation of Mongolia.

The agreement says that the JV should be exempt from the taxes and other obligatory payments stipulated by the legislation of Mongolia due to recruitment of workers from the Russian Federation (until the JV is set to full capacity).