TVEL takes government stake in mining company

3 September 2003

Russia's TVEL, is to take over the government's 38% stake in the Priargunsky Mining and Chemical Production Association (PPGKhO) in line with a presidential decree of 25 July. The government will pay for new TVEL shares with the federal shares in PPGKhO. TVEL, which now owns 37% of shares in PPGKhO, will thus increase its stake to 75%.

PPGKhO will become one of nine nuclear fuel cycle production enterprises in which TVEL holds controlling stakes. PPGKhO mines Russia's biggest explored uranium deposit and employs more than a third of the working population of the Chita region town of Krasnokamensk. The company produces natural uranium, molybdenum compounds and various products bases on them. It also mines coal and zeolites, and produces sulphuric acid. PPGKhO produces 3000t of uranium per year.



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