KAP:temporary suspension of production at JV Inkai
AIX: KAP, KAP.Y (GDR)
LSE: KAP (GDR)
2 January 2025, Astana, Kazakhstan
Kazatomprom announces temporary suspension of production activity at JV Inkai LLP
National Atomic Company "Kazatomprom" JSC ("Kazatomprom" or "the Company") announces a temporary suspension of production activity, effective 1 January 2025, at block No. 1 of the Inkai deposit. The deposit is located in the Sozak district of the Turkestan region and is operated by JV Inkai LLP.
In accordance with the Subsoil and Subsoil Use Code of the Republic of Kazakhstan, any subsoil use operations can only be conducted under an approved field development project.
However, on 30 December 2024, JV Inkai LLP had not received necessary approvals from the relevant state authorities as initially expected due to delayed submission of the required documentation. To ensure full compliance and avoid breaching the legislation of the Republic of Kazakhstan, JV Inkai LLP has to temporarily suspend its production activity.
JV Inkai LLP is expected to submit the required documentation to the Ministry of Energy of the Republic of Kazakhstan within the next couple of weeks, and the situation shall be resolved shortly afterwards. Under the current circumstances, the Company does not anticipate any significant impact on Kazatomprom's 2025 production plans. As always, Kazatomprom remains fully committed to fulfilling contractual obligations towards all existing customers and has sufficient level of inventories to comfortably manage its deliveries throughout 2025.
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
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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