KAP announces the change of partners in some JVs
AIX: KAP, KAP.Y (GDR)
LSE: KAP (GDR)
17 December 2024, Astana, Kazakhstan
Kazatomprom announces the change of the partners in some JVs
National Atomic Company Kazatomprom JSC ("Kazatomprom" or "the Company") announces the exit of its Russian partner from some joint ventures. Uranium One Group JSC, part of the Rosatom State Corporation, has sold its 49.979% share in JV Zarechnoye JSC to SNURDC Astana Mining Company Limited, the ultimate beneficiary of which is State Nuclear Uranium Resources Development Co., Ltd. (China). Kazatomprom's share in this joint venture remains unchanged amounting 49.979%.
JV Zarechnoye JSC operates at Zarechnoye deposit in Turkestan region, which was discovered in 1977. Uranium reserves of this deposit amounted to approximately 3.5 thousand tonnes at the beginning of 2024. Completion of mining operations at Zarechnoye deposit is expected in 2028.
It is expected that Uranium One Group JSC will also alienate 30% participation interest in the charter capital of JV Khorasan-U LLP and 30% participation interest in the charter capital of Kyzylkum LLP to China Uranium Development Company Limited, the ultimate beneficiary of which is China General Nuclear Power Corporation (CGN, China), subject to the completion of closing procedures of the transaction by its parties. Kazatomprom's share in these assets remains unchanged and the Company continues to hold 50% in JV Khorasan-U LLP and 50% (indirect) in Kyzylkum LLP.
JV Khorasan-U LLP operates at Kharasan-1 block of Severny Kharasan deposit in Zhanakorgan district of Kyzylorda region. Uranium reserves of the deposit amounted to about 33 thousand tonnes at the beginning of 2024, with an expected maturity in 2038. All uranium mined at JV Khorasan-U LLP is processed at the production facilities of Kyzylkum LLP, which are located directly at the mining site. Kyzylkum LLP does not hold any subsoil use rights and is only engaged in providing uranium processing services.
The Company welcomes new partners and wishes success in joint work. Kazatomprom is currently focused on its strategic priority to replenish mineral resource base and ensure sustainable growth of reserves. The Company has launched a large-scale exploration program aimed at assessing promising territories and discovering new deposits. The program is already bringing positive results, strengthening Kazatomprom's long-term leadership position. This year alone, the Company has obtained four new licenses for the exploration of promising uranium blocks which Kazatomprom plans to develop exclusively on its own. Preliminary estimates show that total forecasted resources of these blocks exceed 180 thousand tonnes of uranium.
For more information, please contact:
Investor Relations Inquiries
Botagoz Muldagaliyeva, Director, Investor Relations
Tel.: +7 7172 45 81 80/69
Email: ir@kazatomprom.kz
Public Relations and Media Inquiries
Altynay Karibzhanova, Chief Expert, Public Relations
Tel: +7 7172 45 80 63
Email: pr@kazatomprom.kz
About Kazatomprom
Kazatomprom is the world's largest producer of uranium with the Company's attributable production representing approximately 20% of global primary uranium production in 2023. The Group benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 27 deposits grouped into 14 mining assets. All of the Company's mining operations are located in Kazakhstan and extract uranium using ISR technology with a focus on maintaining industry-leading health, safety and environment standards (ISO 45001 and ISO 14001 certified).
Kazatomprom securities are listed on the London Stock Exchange and the Astana International Exchange. Kazatomprom is the national atomic company in the Republic of Kazakhstan, the Group's primary customers are operators of nuclear generation capacity, the principal export markets for the Group's products are China, South and Eastern Asia, Europe and North America. The Group sells uranium and uranium products under long-term contracts, short-term contracts as well as in the spot market, directly from its headquarters in Astana, Kazakhstan, and through its Switzerland-based trading subsidiary, Trade House KazakAtom AG (THK).
For more information, please see the Company website at www.kazatomprom.kz.
Forward-looking statements
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