KazAtomProm to raise its share in the national uranium reserves up to 52% in 2012

KazAtomProm National Nuclear Company plans to raise its share in the national uranium reserves up to 52% in 2012 through buying out stakes in JVs and more active exploration works, Newskaz.ru reports, citing KazAtomProm National Nuclear Company Head Vladimir Shkolnik as saying August 15. “At the start of 2009 KazAtomProm owned 41.8% of uranium mines already regulated by actual contracts. Foreign partners owned the other 48.2%. The then contracts impaired interests of KazAtomProm and of Kazakhstan. Many things have been revisited. By December 2012 KazAtomProm’s share will stand at 52%”, Mr. Shkolnik said. “Our further strategy is to raise the Company’s share in the current contracts. New contracts is another issue”, he said. Earlier Mr. Shkolnik said that a total of $200 million is to be earmarked in 2012-2015 to finance exploration works. “We hope to raise our uranium reserves by at least 250 000 tons by 2020”, Mr. Shkolnik said. Earlier he announced that in 2011 the Company had produced a total of 19 450 tons of uranium, 9% up against 2010. Plans are there to increase the figure to 25 000 tons a year by 2015. Estimated net profit of KazAtomProm in 2011 made up $523.6 million. In 2009 the uranium production output grew from 8521 in 2008 to 14 020, enabling Kazakhstan to become the global leader in terms of production. KazAtomProm is Kazakhstan's major exporter of uranium and its compounds, rare metals, nuclear fuel for nuclear power stations, special equipment, technologies and dual-usage materials.