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Kazakhstan may purchase a $400-500 million stake in Russia’s Uralsk Electrochemical Works

24 february 2012, 14:35
0
RIA Novosti©
RIA Novosti©
Kazakhstan may enter the Uralsk Electrochemical Works [part of RosAtom], the largest uranium processing company in the world, purchasing a stake worth $400-500 million, Newskaz.ru reports, citing KazAtomProm Kazakhstan National Nuclear Company’s Head Vladimir Shkolnik as saying to journalists in Almaty February 24.

“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”, Mr. Shkolnik said.

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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