KAP obtains the right for uranium exploration
AIX: KAP, KAP.Y (GDR)
LSE: KAP (GDR)
Currency: KZT (₸), unless otherwise specified
10 September 2024, Astana, Kazakhstan
Kazatomprom obtains the right for uranium exploration at a new site of the Budenovskoye deposit
National Atomic Company Kazatomprom JSC ("Kazatomprom" or "the Company") announces that it has obtained the subsoil use license for uranium exploration at block 5 of Budenovskoye deposit, located in the Suzak district of Turkestan region, for a period of 6 years.
"The new block, Budenovskoye 5, holds promise for further development and is an important step of Kazatomprom's strategy on replenishment of uranium resources. Presence of significant uranium resources, favourable geological conditions and developed infrastructure create unique opportunities for long-term operation. I am confident that this project will help strengthen Kazatomprom's position as a global leader," said Meirzhan Yussupov, CEO of Kazatomprom.
The Budenovskoye deposit is part of the Mynkuduk ore district in the Kentse-Budennovskoye metallogenic zone and is connected to Inkai deposit's south side.
Block 5, located in the northeast of the southern flank of the deposit, has significant potential for further development. The uranium resources at this site are estimated at more than 18,000 tonnes, and indicate significant prospects for detailed exploration. Upon completion, the resources and reserves data will be updated, and a significant increase in the identified resources may be possible. It should be noted that the ores of the southern part of the deposit are characterised by relatively higher grade.
Further work on the site will focus on identifying resources and developing a production plan. These activities will ensure the successful implementation of the Company's long-term plans and will contribute to the development of the uranium mining industry in Kazakhstan.
Kazatomprom will continue to actively work on exploration in order to ensure long-term sustainable growth, development and strengthening social stability in uranium mining regions in order to create long-term value for all our stakeholders. These efforts will enable the Company to strengthen its position and reap the benefits from future growth of the uranium market.
For more information, please contact:
Public Relations and Media Inquiries
Altynay Karibzhanova, Acting Director, Public Relations
Tel: +7 7172 45 80 63
Email: pr@kazatomprom.kz
Investor Relations Inquiries
Botagoz Muldagaliyeva, Director, Investor Relations
Tel: +7 7172 45 81 80 / 69
Email: ir@kazatomprom.kz
A copy of this announcement is available at www.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, 26 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.
Kazatomprom securities are listed on the London Stock Exchange, Astana International Exchange, and Kazakhstan Stock Exchange. As the national atomic company in the Republic of Kazakhstan, the Group's primary customers are operators of nuclear generation capacity, and 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
All statements other than statements of historical fact included in this communication or document are forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan," "project," "will," "can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future.
THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED. NONE OF THE COMPANY NOR ITS SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, ADVISORS OR AFFILIATES, OR ANY REPRESENTATIVES OR AFFILIATES OF THE FOREGOING, ASSUMES RESPONSIBILITY FOR THE ACCURACY OF THE PROJECTIONS PRESENTED HEREIN.
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