KAP obtains uranium exploration license
LSE: KAP (GDR)
Currency: KZT (₸), unless otherwise specified
26 July 2024, Astana, Kazakhstan
Kazatomprom obtains the right for uranium exploration in the Turkestan region
National Atomic Company Kazatomprom JSC ("Kazatomprom") announces that it has obtained the subsoil use license for uranium exploration at the Vostochny block of the Zhalpak deposit (East Zhalpak block) located in the Turkestan region.
As part of the state subsoil geological survey program, Kazatomprom conducted geological studies at this block using its own funds, which resulted in the identification of P1 and P2 uranium resources. According to preliminary estimates, inferred resources amount to up to 30,000 tonnes of uranium. The feasibility of further exploration works has been confirmed, aiming to convert these resources into C2 and C1 reserve categories, which will result in updated uranium reserves data at the block.
As part of the Program on replenishment of uranium resources, Kazatomprom plans to conduct exploration works for a period of 6 years, with a subsequent registration of estimated uranium reserves to the state balance.
"We are proud that our efforts in uranium prospecting and exploration are yielding results, contributing to strengthening Kazakhstan's position as a global leader in the uranium industry, which is especially important given the growing demand in the uranium market. I am confident that further research and development will significantly increase our uranium resources, contributing to global energy security and the economic growth of our country," emphasized Meirzhan Yussupov, CEO of Kazatomprom.
Growing attention to energy security and diversification of energy generation sources has brought nuclear power into the spotlight as an indispensable alternative to fossil fuels. As a leading global producer and supplier of natural uranium, Kazatomprom plays a vital role in the global efforts to transition to green energy sources and achieve net-zero, and remains committed to maintaining this position.
For more information, please contact:
Public Relations and Media Inquiries
Askar Atagulin, 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
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
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