(QHA) - Ukraine has started construction of a plant for the production of nuclear fuel in the village of Smolyno, Kirovohrad region, the Cabinet of Ministers' press office said in a statement on Friday, reports Ukrinform. "This construction will be one of the most ambitious projects of national level. The project is implemented by the joint Russian-Ukrainian company Nuclear Fuel Plant, set up by the fuel company TVEL (Russia) and the Nuclear Fuel State Concern (Kyiv, owns 50 % + 1 share)," Ukrainian Minister of Energy and Coal Industry Eduard Stavytsky said. Experts predict that after completion of the construction, Ukrainian nuclear power plants will be 100% supplied with the domestic nuclear fuel. "The fuel produced will suffice not only for all the domestic power-generating units, but also for exports," the government analysts noted. At the same time, the experts point to the prospects of the mining region. After all, to provide a new plant with raw materials, the mining of uranium ore in Kirovohrad region will be increased three-fold. In accordance with the project, the construction of the facility will be divided into two stages: 2012-2015, and 2016-2020. The total estimated cost of construction is UAH 2,362,373 billion (first stage - UAH 1,531,823 billion, second stage - UAH 830,550 million). The funding for project will be 70% provided through loans, 30% of the funding will come from Ukrainian and Russian shareholders.