Namibia to get $1 billion in funds from Russia for Uranium hunt

Russia has agreed to fund $1 billion for a uranium hunt in Namibia.

Russia was ready to invest $1 billion (R7.75bn) in uranium exploration in Namibia, Russia’s state nuclear firm said yesterday, as it seeks to compete for projects in the country with global mining house Rio Tinto.

“We’re ready to start investing already this year,” Sergei Kiriyenko, the head of state corporation Rosatom, told journalists. He said the uranium could be used for the nuclear power plant Russia was building in Turkey.

The comment came as Namibia’s President Hifikepunye Pohamba visited Moscow to meet Russia’s President Dmitry Medvedev and Prime Minister Vladimir Putin.

Earlier this month Russia and Turkey signed off on a $20bn project for Moscow to build and own a controlling stake in Turkey’s first nuclear power plant.

Medvedev discussed the possibility of investing in uranium exploration in Namibia last year when he visited the country.

Medvedev said yesterday that Russia was also ready to invest in the completion of two hydroelectric stations in Namibia.

In an earlier post i discussed Russia’s new found interest in enhancing its position and economic dealings in Africa.

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