Moscow, Jan 06 (Agencies): Russia ratified inter-governmental agreement with Mongolia for the creation of a joint venture in the land-locked country for the uranium mining and processing, according to the Kremlin.

The original agreement was signed in 2009 by Russia's State Corporation 'Rosatom' Sergei Kiriyenko with his Mongolian counterpart to set up a joint uranium mining company Dordon Uran for uranium mining at the deposits discovered by the Soviet geologists in 1970s.

Dordon Uran is expected to produce 2,000 tons annually. The JV would be focusing on the Dornod deposit and the East Gobi fields in Mongolia.

Terms and conditions for the company were agreed between Russian Prime Minister Vladimir Putin and his Mongolian counterpart Sukhbaataryn Batbold in December.

According to RIA Novosti the Russian-Mongolian uranium JV to be setup by the mining arm of Rosatom - ARMZ and Mongolian Monatom Company will be involved in the full production cycle from mining to processing of nuclear fuel and its marketing.