EDB grants $50M loan for Kazakh-Russian uranium exploration firm

March 14. Universal Newswires

EDB grants $50M loan for Kazakh-Russian uranium exploration firmThe Eurasian Development Bank (EDB) said Thursday it would lend $50 million to a joint Russian-Kazakh uranium-ore exploration firm.

The ‘Tek’ firm is focused on exploration, extraction, and primary processing of uranium, which it then provides to Kazakhstan’s nuclear corporation Kazatomprom and Russia’s Rosatom.

The project will significantly strengthen the development of a single market for uranium ore between Kazakhstan and Russia, EDB’s Deputy Chairman Kanat Dosmukametov.

“The project will also have a significant impact on the achievement of sustainable growth in Kazakhstan and Russia,” he said in a statement released by the EDB.

Kazakhstan supplies around 37 percent of the world’s total uranium demand, according to Kazatomprom. The Central Asian country surpassed Canada in 2009 to become the world’s leading uranium-producing country.

The EDB was co-founded by Russia and Kazakhstan in January 2006, and also includes as members Armenia, Belarus, Tajikistan, and Kyrgyzstan. Its main purpose to foster and facilitate integration within the post-Soviet sphere.

The bank’s capital exceeds $1.5 billion.