Russia to spend $1bn on Namibia uranium exploration

Russia is ready to invest $1 billion in uranium exploration in Namibia, Russia’s state nuclear firm has said as it seeks to compete for projects with Rio Tinto in the African country. “We’re ready to start investing already this year,” the head of state corporation Rosatom, Sergei Kiriyenko, said when Namibian President Hifikepunye Pohamba was visiting Moscow. President Medvedev said Russia was also ready to invest in the completion of two hydro power stations in Namibia, a fertiliser plant, railroad construction and copper exploration and processing.

Kiriyenko said the uranium extracted from Namibia could be used for a nuclear power plant Russia was building in Turkey. Russia and Turkey have signed a $20-billion project for Moscow to build and own a controlling stake in Turkey’s first nuclear power plant.

The offer of investment in Namibia is in line with the Kremlin’s broader policy of promoting its interests in Africa, where it faces competition from China and the West for resources.
Namibia is the world’s fourth-largest uranium producer.