One of the country's few functioning uranium mines will soon be Australian in location only.

The Honeymoon Well uranium operation in South Australia is about to become 100 per cent Russian-owned. The site is currently held by Canadian interests as well, but a buyout offer just approved by shareholders means it will belong to Russian State Corporation for Nuclear Energy; Rosatom.

Rosatom holds 49 per cent of Uranium One, which will become solely theirs when the deal is complete. The site is part of Honeymoon Well; currently the smallest uranium project in the country, and one of just a handful in operation.

The sale must now pass the criteria set out by the Foreign Investment Review Board (FIRB).

Australia is set to progressively ramp up its uranium extraction and exportation, with approval given this year for the new Wiluna uranium mine in WA. The recent movements in the industry indicate a growing international hunger for Australia’s top-quality uranium reserves, which have for decades been almost impossible to access.

“There's a number of really good deposits here that are within the range of being developed in the next decade,” says Argonaut Securities analyst Matthew Keane.

“Uranium is a longer term play. Assets [deposits] take a longer time to go from the pre-development phase into production.”

The movement has seen China and Russia snatching-up uranium projects around the world to fuel their growing nuclear networks.

“For example, the Husab deposit in Namibia was bought by the Guangdong Nuclear Power Company from Australian miner Extract Resources,” Mr Kean said, “a subsidiary of the state-owned Rosatom purchased the Mkuju River project in Tanzania from another Australian company, Mantra.”

Australia holds significant deposits of high-grade uranium, but currently lacks the infrastructure to process or obtain energy from it.

The new federal government has signalled that it will move ahead with plans to sell uranium to India in the future.