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KazAtomProm to purchase a stake in the largest uranium processing company in the world by the year end

05 april 2012, 12:33
0
RIA Novosti©
RIA Novosti©
The deal enabling KazAtomProm National Nuclear Company to purchase a stake in the Uralsk Electrochemical Works [part of RosAtom], the largest uranium processing company in the world, will be finalized at the end of 2012, KazTag Agency reports, citing Vice Chairman of the Board Sergei Yashin as saying.

“There is full consensus (…) we are working to define major financials of the project. The plan is to finalize the deal by the end of 2012”, Mr. Yashin said at a press conference April 4.

“We are upbeat about the project. The size of the share is at the final stage of talks and is to be disclosed once the deal is closed”, he said.

“This deal is related to strategic facilities of Russia and there are certain procedures to follow when purchasing stakes in such facilities”, he elaborated.

“It can cost Kazakhstan approximately $400-500 million (…) The size of the stake hasn’t been defined yet (…) We are talking of 30% and 49%. The ultimate decision will depend on commercial considerations (…) The deal is expected to be closed in the current year”, Tengrinews.kz reported late February, citing the Company’s Head Vladimir Shkolnik as saying.

Relying on the infrastructure of the Uralsk Electrochemical Works, Russia and Kazakhstan have been working together to launch a joint uranium enrichment facility. Media reported earlier that the enrichment facility would be further developed through Kazakhstan purchasing a stake in the Uralsk Electrochemical Works.

According to Vladimir Shkolnik, in 2011 the Company 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.

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