ASTANA, Kazakhstan - National Atomic Company Kazatomprom (LON:KAPq) JSC ("Kazatomprom") has announced the departure of its Russian partner from certain joint ventures (JVs). Uranium One Group JSC, a subsidiary of Rosatom State Corporation, has divested its 49.979% interest in JV Zarechnoye JSC to SNURDC Astana Mining Company Limited, which is ultimately owned by State Nuclear Uranium Resources Development Co., Ltd. (China). Kazatomprom's stake in JV Zarechnoye remains at 49.979%.
The Zarechnoye uranium deposit, located in the Turkestan region and discovered in 1977, has reserves estimated at around 3,500 tonnes of uranium at the start of 2024. The mining operations at this site are expected to conclude by 2028.
Furthermore, Uranium One Group is expected to sell its 30% share in both JV Khorasan-U LLP and Kyzylkum LLP to China Uranium Development Company Limited, a subsidiary of China General Nuclear Power Corporation (CGN, China). This transaction is pending completion of closing procedures by the involved parties. Kazatomprom's holdings in these JVs remain at 50% for JV Khorasan-U LLP and an indirect 50% for Kyzylkum LLP.
JV Khorasan-U LLP operates at the Kharasan-1 block of the Severny Kharasan deposit in the Zhanakorgan district of the Kyzylorda region, with uranium reserves estimated at about 33,000 tonnes at the beginning of 2024. The JV's mining output is processed at the facilities of Kyzylkum LLP, which is situated at the mining site and provides uranium processing services without holding subsoil use rights.
Kazatomprom has expressed a positive outlook on the introduction of new partners and is engaged in a strategic initiative to expand its mineral resource base for sustained reserve growth. The company has initiated an extensive exploration program to evaluate potential territories and discover new uranium deposits. This program has yielded promising results, contributing to Kazatomprom's position as a long-term industry leader. In this year alone, the company has secured four new licenses for the exploration of uranium-rich territories, which it plans to develop independently. Initial assessments indicate that these areas could contain over 180,000 tonnes of uranium resources.
This news is based on a press release statement.
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