Uranium One Inc. (“Uranium One”) Canadian based uranium mining company has completed the initial closing of its transaction with a subsidiary of RusAtom Atomredmetzoloto JSC (ARMZ), comprising the issuance of 178,127,165 new common shares of Uranium One to ARMZ in return for U.S. $610 million in cash. ARMZ currently holds 314,090,765 common shares representing 40.85% of the outstanding common shares, Komersant newspaper reports.

As NEWS.am reported previously, Armenian Government jointly with RusAtom Company tries to explore uranium mine in Lernadzor village, Syunik, southern Armenia. However, local authorities and environmental organizations are struggling against ongoing prospecting for uranium in Lernadzor community.

Russia’s interest in the exploration of uranium mines is conditioned by the fact that the country is going to construct 18 nuclear power plants.