Russia has recently climbed up the table of uranium producers and slipped into fourth place behind Canada, Australia and Kazakhstan having produced 3,527 tons of uranium in 2007.

We have to hand it to the Russians for taking an aggressive proactive stance in developing opportunities both within and outside of their own geographical borders.

They have some interesting deposits in Eastern Siberia, but it is the relationships that they have established with other countries that are propelling them up this league.

In Kazakhstan they now own a 49% stake of a 19,000-ton uranium deposit. In Australia they have a bilateral agreement whereby Australia will supply $1 million worth of uranium every year for civilian purposes. Throw in an agreement with Cameco undertaking uranium prospecting and extraction in both countries and possibilities with Armenia and they have some impressive opportunities.

This is a quote from an article by Tatyana Sinitsyna carried on Energy Daily:

“Experts believe Russia’s total uranium potential (natural and weapons-grade) will enable it to enrich 45 percent of the world’s uranium for nuclear power plants by the year 2030.”

It also goes on to remind us that:

“One cubic centimeter of uranium is equivalent to 60,000 liters of gasoline, 110 to 160 tons of coal, or almost 60,000 cubic meters of natural gas”

Have a good one.

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Footnote: The spot price of uranium has moved up to $60/lb.