Interfax citing Mr Alexander Boitsov the holding deputy chief as saying that Russian uranium producer Atomredmetzoloto is considering gold mining projects in Russia and abroad.

ARMZ is already carrying out one such project at the Lunnoye deposit with the company Zoloto Seligdara and plans to launch pilot production there before long. ARMZ other non-uranium projects include the Lukoyanov titanium-zirconium field.

Mr Boitsov said ARMZ takeover of Canada Uranium One would rank the Russian holding second in the world by uranium mine production. ARMZ and U1 could be producing a combined 12,400 tonnes of uranium in 2015. The deal will also bolster ARMZ uranium reserves from 609,000 tonnes to 740,000 tonnes.

ARMZ which is controlled by state nuclear corporation Rosatom, is currently the world fifth largest uranium producer and second biggest by reserves. Its main assets are located in Russia and Kazakhstan with projects planned in Namibia, Armenia and Mongolia.

(Sourced from Interfax)