Cameco Corp has signed a memorandum of understanding with Russian nuclear company Techsnabexport (Tenex) to pursue joint ventures in uranium exploration, development and production.

Tenex and Cameco will have further discussions to finalize an agreement that will enable the two companies to jointly explore for uranium in Russia, Canada and elsewhere and possibly engage in development and production.

Cameco anticipates that a selection of joint exploration projects will be made, and a binding agreement signed, in 2007.

Cameco currently purchases uranium from dismantled Russian weapons from Tenex.