Russia and Namibia have signed an agreement on exploration and production of uranium, which could lead to Moscow investing $1 billion in the Southern African country.

According to a Dispatch report, Russian President Dmitry Medvedev met with Namibian President Hifikepunye Pohamba to discuss various joint ventures in the fields of energy, transport, education and mining.



The two countries also agreed to a joint exploration of uranium deposits, the construction in Namibia of two hydroelectric stations and a fertilizer plant.

According to Russia's state nuclear firm Rosatom, the deal is part of Moscow's wish to compete with global mining house Rio Tinto for projects in Namibia.

Russia is seeking to boost its uranium channels ahead of building a nuclear power plant in Turkey, as well.