KAP obtains uranium exploration right - Severnoye
AIX: KAP, KAP.Y (GDR)
LSE: KAP (GDR)
Currency: KZT (₸), unless otherwise specified
18 November 2024, Astana, Kazakhstan
Kazatomprom obtains the right for uranium exploration at Severnoye block 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 "Severnoye" block of Budenovskoye deposit, located in the Shu-Sarysu uranium province, Suzak district of Turkestan region, for a period of 6 years with a possibility of a 5-year extension. Subsoil use license for uranium exploration at this block is exclusive to Kazatomprom.
"Severnoye" block has high potential due to significant uranium resources. Its favourable geological conditions and proximity to existing infrastructure creates a unique opportunity for successful long-term development. We're confident that this project will become an important stage of development of uranium industry in Kazakhstan and will significantly contribute to creating long-term value," said Meirzhan Yussupov, CEO of Kazatomprom.
Preliminary data shows that inferred uranium resources in categories P1 and P2 are estimated at more than 100 thousand tonnes, and indicate significant prospects for detailed exploration. An update of uranium resources data will be aiming to convert these resources into C1 and C2 resource categories. This will maximise the block's potential and will support the Company's long-term strategic goals.
In the context of growing global demand for uranium, this project will be an important contribution to ensuring global energy security and strengthening Kazakhstan's position in the global nuclear energy market. Kazatomprom will continue exploration works as part of the program on replenishment of uranium resources in order to contribute to the Company's growth and to sustainable development of Kazakhstan's economy.
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
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
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.
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