RIA Novosti quoted a source in the Central Asian republic said Uzbekistan and Japan has signed an agreement on the joint exploration of uranium deposits.

The agreement was signed on Wednesday between the Uzbek State Committee for Geology and Mineral Resources and the Japan Oil, Gas and Metals National Corporation.

The source said "The Japanese side will invest about USD 500,000 this year in the project in the Navoi region. The project is expected to be completed in March 2010. The parties are expected to split equally the potential profits.”

Uzbekistan has the world's seventh largest uranium reserves and is the fifth biggest uranium producer. 40 uranium fields have so far been explored in the Central Asian republic.

(Sourced from RIA Novosti)