Russian uranium holding Atomredmetzoloto (ARMZ), part of state nuclear corporation Rosatom, expects to produce 2,984t of uranium (tU) this year, according to ARMZ’s deputy director for strategy and business development Marina Liborakina. ARMZ manages Russia’s uranium mining assets including the Priargunsky Industrial Mining and Chemical Union (Pimcu), JSC Dalur, and JSC Khiagda. In 2015, the production was 3,055 tU and in 2014, 2,991 tU.

She noted that in 2015 the holding broke even (according to International Accounting Standards) and to make a profit in 2016.  She added that, although the uranium market was now facing a difficult situation, it is expected to recover after 2020. “Now, all companies are optimising production in terms of both operating costs and changes in their asset structure,” she said. As  part of the cost optimisation programme ARMZ has closed several mines at Pimcu which mined uranium underground and is investing in more modern mining techniques” (in-situ underground leaching at Khiagda and Dalur). “At the same time, in recent years we have substantially reduced the cost of mining, by more than 30% at Pimcu, and carried out restructuring by types of production,” Liborakina said.