OREANDA-NEWS. May 16, 2008. The Fuel and Energy Ministry of Ukraine is planning to start in 2008 the extraction of uranium ore at the Novokostiantynivske deposit in Kirovohrad region (Center Ukraine), Fuel and Energy Minister Yuriy Prodan says.

The effort will be encouraged by settlement of the question on the purchase of uranium ore by national nuclear energy generation company Energoatom from the Eastern ore dressing plant, which, in the minister's words, will be decided during a month.

The plant has now stopped the export of uranium ore because of unfavorable situation in external markets. Prices on spot contracts reduced, and sometimes do not even cover extraction spending.
Novokostiantynivske deposit is believed to be Europe's biggest. Ukraine's uranium industry is based on big reserves of ores, which are mainly located in Kirovohrad region.

By the total reserve of uranium, Ukraine ranks among the world's first dozen of nations.