Kazatomprom transfers mining rights for Inkai uranium deposit Area 3 to Kazatomprom-SaUran
ASTANA. Aug 6 (Interfax) - Kazatomprom has transferred the mining rights for Area 3 of the Inkai uranium deposit to its subsidiary, Kazatomprom-SaUran, Kazakhstan's national atomic company said.
"Kazatomprom's decision to transfer these rights is strategically important for our company and aims to support our subsidiary, which has two uranium mines that are fully depleted and one mine in the final stages of extraction. This decision will not only help stabilize production in the long term but also promote the socio-economic development of the region by preserving jobs and increasing tax revenues for the state budget," Meirzhan Yussupov, CEO of Kazatomprom, said.
Uranium reserves at Inkai 3 in categories C1+C2 are estimated at 83,100 tonnes.
In June, it was reported that Kazatomprom secured a contract for uranium mining in Area 3. The company plans to extract 701 tonnes of uranium over the next four years through pilot industrial operations.
The Inkai deposit was discovered in 1976. Uranium mining using in-situ recovery methods at Area 1 is carried out by the joint venture Inkai LLP, in which Cameco (Canada) holds a 40% stake and Kazatomprom holds a 60% stake. The total mineral resources of Area 1 amount to 148,000 tonnes of uranium.
Area 4 is developed by another Kazatomprom joint venture, South Mining and Chemical Company LLP. Areas 2 and 3 are currently in the exploration stage, according to Kazatomprom's annual report.
Kazatomprom is involved in uranium mining, rare metal processing, and the production and sale of beryllium and tantalum products. The company exports 100% of its products. In 2023, Kazatomprom reduced its uranium production by 1% to 21,112 tonnes compared to 2022.
Following the recent acquisition of company shares by the Finance Ministry using funds from the National Fund, the company's shareholder structure is as follows: the Samruk-Kazyna fund holds nearly 63% of the shares, the Finance Ministry holds 12% and free float is 25%.
