A Russian-Kazakh uranium enrichment company will start operating in Novouralsk in 2012, head of Rosatom Sergey Kiriyenko announced.

‘We have reached a full understanding with our Kazakh partners. This is a state-run program, we are moving along in accordance with the scheduled, and I believe the joint venture should be operating in 2012,’ RIA Novosti quotes Kiriyenko as saying.

According to Rosatom CEO, the Kazakh partners will be involved in the operation of Ural Electrochemical Plant and will be able to use the uranium enrichment opportunities it offers; in return, Russia will be able to use ‘the world’s cheapest and most profitable uranium deposits.’