Cameco to transfer uranium processing technology to Kazakhstan’s KazAtomProm in 2018

Construction of a joint facility to process uranium by Canada’s Cameco and Kazakhstan’s KazAtomProm National Nuclear Company will start in 2018, KazTAG reports, citing Robert Steane, Cameco Senior Vice-President and Chief Operating Officer as quoted in the Company’s statement issued for the 26th sitting of the Foreign Investors Council May 22. “There is a memorandum signed with KazAtomProm to transfer the Company’s own technology to construct and operate a highly efficient and environmentally friendly facility that will be processing 6 000 tons of uranium (UO3) a year, relying on the Ulba Metallurgical Works [engaged in production of hi-tech uranium, beryllium and tantalum products for the needs of the nuclear power industry] based in Ust-Kamenogorsk. “The actual transfer of the technology will take place upon the start of construction in 2018. The facility is to begin uranium production in 2020”. The feasibility study for the project is to be launched in 2014. “The Ulba Works is an ideal place, given its long history of metallurgical production, infrastructure, technical expertise [it was established in 1949]”, the statement reads, adding that as soon as Kazakhstan and Canada sign a bilateral agreement on peaceful use of atomic power, the transfer of the technology will expand cooperation between the two companies”. According to Mr. Steane, the technology and expertise Cameco is to bring to Kazakhstan “will support Kazakhstan’s intention to be an integrated player in the global nuclear industry”. KazAtomProm, including its stakes in other companies, produced a total of 11 900 tons in 2012 (over 20% of global production). In 2011 the Company produced 11 079 tons.