Uzbekistan, US sign contract on uranium supply

Business Materials 27 September 2017 14:46 (UTC +04:00)

Baku, Azerbaijan, Sept. 27

By Ali Mustafayev – Trend:

Uzbekistan signed a contract on supply of uranium to the United States. The contract is designed for 7 years and its cost exceeds $300 million.

“It is a long-term contract. This is very important and significant. The total value of the contract exceeds $300 million,” said Elyor Ganiev the Minister of Foreign Trade of Uzbekistan, Sputnik reported.

He added, that the agreement was signed on very favorable terms, much more profitable than some countries-suppliers of uranium do.

Previously, India expressed interest in additional supplies of uranium from Uzbekistan. Uzbek uranium was also successfully exported to Japan.

According to the State Committee of Geology of Uzbekistan, the explored and estimated uranium reserves amount to 190,000 tons. More than 140,000 tons from the total amount of uranium is produced in deposits of sandstone type, 47,000 tons in deposits of black shale type.

Over the past few years, the government of Uzbekistan has been trying to attract foreign investors to the development of black shale-type uranium deposits, which in economic terms require substantial investment.