India to invest in uranium mines in Russia, Kazakhstan

MUMBAI: India will invest in uranium mines in Russia, Kazakhstan and a few other countries to acquire upto 50 per cent ownership to ensure uninterrupted supply of fuel for its safeguarded nuclear power plants, according to a top official.
    
"We will invest in uranium mines in Russia, Kazakhstan and a few others to acquire ownership of 40 to 50 per cent as part of the long-term strategy for uninterrupted fuel (uranium) supply for our safeguarded nuclear plants," Chairman and Managing Director of Nuclear Power corporation of India Ltd (NPCIL) S K Jain said on Wednesday.
    
"Certain new uranium mines are explored in these countries and we are ready to invest in order to acquire ownership in these mines," Jain said.
    
"This investment will be with guaranteed uptake," he said.
    
"A joint team of NPCIL, Nuclear Fuel complex (NFC) and Uranium Corporation of India Ltd (UCIL) has been set up and the modalities are being worked out for the investment," Jain said.
    
 NPCIL has been talking to the vendors on this regard, he said.
    
NPCIL has chalked out a three-pronged programme for importing uranium from the NSG countries - first, purchase of uranium on a short-term basis like the recent contract signed with French power major AREVA for 300 tonnes.     

Second, purchase of uranium on long-term basis 200 to 300 tonnes per year for upto ten years from the vendors and to invest in uranium mine assets and acquire ownership with various agencies, Jain said.
    
From the US, it would be only short-term purchase, he added.