Russia's state-run uranium mining concern Atomredmetzoloto said it would increase uranium production to 3,841 tons this year.

Proven uranium reserves in Russia have reached 545,000 metric tons, a 275 percent increase from 2006, Natural Resources Minister Yury Trutnev said Tuesday, RIA Novosti reported.

Atomredmetzoloto, known as ARMZ, plans to increase production to 20,000 tons per year by 2024, the report said, making it the world's largest producer. As of this year, "coordinated work has dramatically changed Russia's global position, placing it third in terms of uranium reserves," said Sergei Kiriyenko, head of the state's nuclear power corporation Rosatom.