The Kazakh national atomic company's Russian partner Uranium One Group JSC has sold its share in the Zarechnoye joint venture to a subsidiary of China's State Nuclear Uranium Resources Development Co. Kazatomprom also expects Chinese beneficiaries to assume interests from Uranium One in two other joint ventures.

Zarechnoye (Image: Kazatomprom)

"Uranium One Group JSC, part of the Rosatom State Corporation, has sold its 49.979% share in JV Zarechnoye JSC to SNURDC Astana Mining Company Limited, the ultimate beneficiary of which is State Nuclear Uranium Resources Development Co, Ltd (China). Kazatomprom's share in this joint venture remains unchanged amounting 49.979%," the Kazakh company said on 17 December.

"It is expected that Uranium One Group JSC will also alienate 30% participation interest in the charter capital of JV Khorasan-U LLP and 30% participation interest in the charter capital of Kyzylkum LLP to China Uranium Development Company Limited, the ultimate beneficiary of which is China General Nuclear Power Corporation (CGN, China), subject to the completion of closing procedures of the transaction by its parties. Kazatomprom’s share in these assets remains unchanged and the Company continues to hold 50% in JV Khorasan-U LLP and 50% (indirect) in Kyzylkum LLP."

JV Zarechnoye JSC operates at the Zarechnoye deposit in the Turkestan region of Kazakhstan, where uranium reserves stood at about 3,500 tU at the beginning of 2024, Kaztomprom said. Mining operations at Zarechnoye are expected to be completed in 2028.

JV Khorasan-U LLP operates at the Kharasan-1 block of the Severny Kharasan deposit in the Kyzylorda region, with uranium reserves of around 33,000 tU at the beginning of 2024, and an expected completion of mining in 2038. Kyzylkum LLP provides uranium processing services - uranium mined at Khorasan is processed at Kyzylkum's facilities - and does not hold any subsoil use licences (the permits required to extract uranium).