OREANDA-NEWS. November 29, 2010. This information was reported by Official Representative of Rosatom State Corporation Sergey Novikov, when he quoted General Director of Rosatom Sergey Kiriyenko, who summarized the results of the 16th session of the intergovernmental commission on trade and economic cooperation, held in Delhi, and negotiations with UCIL Company.

“We have offered the Indian party to participate in uranium mining projects in the RF and third countries. The project shall always remain under Rosatom’s control, however partners may acquire up to 49% of the project within Russia,” Novikov said.

He left open the possibility of Indian partners’ participation in the Elkon deposit development, but in the meantime he noted that some foreign participants had already been engaged in the project and therefore the Indian share would be less than 49%.

At the beginning of 2010, when quoting Rosatom’s Head - Russia and India could establish a joint venture for geologic exploration and uranium mining. Sergey Kiriyenko said that he had offered the Indian partners to participate in South Yakutia, in one of Elkon deposits, as well as in third countries.

Rosatom’s Head also noted that Russia would cooperate with India in terms of establishment of plants, generating fuel for nuclear power plants, both in the territory of the RF and India.

In India uranium deposit development is performed by Uranium Corporation of India Ltd (UCIL).