According to Russian newspaper “Kommersant”, Russian state nuclear holding’s ARMZ announced this Sunday that Russia’s Rosatom is to take 49% stake in a joint venture to develop Mongolia’s Dornod uranium deposit.

ARMZ Uranium Holding Co. is currently ranked as the world’s second largest uranium mining company by resource base and is the fifth biggest global producer in terms of uranium output. It supplies strategic feedstock to the Russian nuclear industry, having produced 3,687 tons of uranium in Russia and Kazakhstan in 2008.

As of January 1, 2008, ARMZ’s uranium reserves and resources amounted to 538 013 tons, securing the company a second place among global primary uranium producers.

ARMZ is part of Rosatom, the Russian State Corporation controlling the nation’s nuclear activities. Together with its affiliates and subsidiaries, it employs over 14 thousand people.

Founded in 1992, ARMZ is the successor of the world’s largest uranium production complex built by the Soviet Union. All uranium mines in Russia, as well as a number of uranium joint ventures in the former USSR and abroad, were brought together under ARMZ in 2008, after the restructuring of Russia’s nuclear industry had been completed.