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Russian ministry proposes mechanism of PSA for uranium production

July 08, 2014, 11:01 UTC+3 MOSCOW
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MOSCOW, July 08. /ITAR-TASS/. Russia’s Natural Resources and Environment Ministry has proposed considering introducing a mechanism of production sharing agreements (PSA) for large insufficiently profitable projects of uranium deposit development to support the industry, Kommersant business daily reported on Tuesday.

The ministry also plans to liberalize an access of companies, not included into nuclear power corporation Rosatom, to uranium development.

PSA will allow improving the project’s economics due to an efficient tax regime, Rosatom’s representatives said at the ministry’s meeting. Lawyers said that under PSA investors in projects are exempted from paying regional and local taxes and customs duties.

Uranium prices fell to $28.3 per one pound of natural uranium currently from $72 in February 2011 shortly before an accident at Japan’s Fukushima-1 nuclear power plant. That makes uranium production unprofitable at the moment, Andrei Cherkasenko, CEO of Atompromresursy nuclear group, told the daily.

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