Support The Moscow Times!

Kiriyenko Sees Nuclear Renaissance

TORONTO — Rosatom said Tuesday that the number of nuclear power plants globally will double by 2030 in a “nuclear renaissance.”

“We would like to double in size also,” chief executive Sergei Kiriyenko said in an interview after speaking to investors in Toronto.

Uranium demand will double or triple as more governments turn to nuclear energy, Kiriyenko said. Prices will climb even as production increases, he said.

“I don’t think the price will skyrocket, but the tendency is growth,” he said.

Rosatom is seeking more sources of uranium so that it can supply fuel to the reactors it is building for foreign clients. The company said in May that it was ready to invest $1 billion to develop deposits in Namibia, the fourth-biggest producer. In June, Rosatom’s uranium holding ARMZ unit agreed to acquire a controlling interest in Toronto-based Uranium One for $610 million in cash, plus stakes in two Kazakh mines.

Rosatom has no plans to lift its stake in Uranium One to more than 51 percent. It will keep the Canadian company publicly traded as that will help secure more financing, Kiriyenko said in his speech to investors.

The Russian company and Uranium One are in talks on “prospects for development of our joint company,” Kiriyenko said in the interview. “If those talks succeed, there may be need for more borrowing.”

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more