Azerbaijan, Baku, Dec. 19 / Trend E. Kosolapova/
Canadian mining corporation company Cameco and Kazakh National Atomic company Kazatomprom will start constructing the new uranium refining plant in Kazakh city of Ust-Kamenogorsk by 2018, a source in Kazatomprom told Novosti-Kazakhstan.
"The construction work will start the latest as 2018. More exact terms will depend on market conditions and the results of the feasibility study," the source said.
The plant will be build by joint Kazakh- Canadian venture Ulba Conversion where Kazatomprom and Cameco hold 51 and 49 percent shares respectively.
Ulba Conversion was established in June 2008 to create uranium conversion production on the base of Ulba Metallurgical Plant in Ust-Kamenogorsk. The production capacity of the future plant will hit 12,000 tons of uranium hexafluoride per year.
Earlier it was planned to develop the project's feasibility study by 2009 and to launch the new plant in 2014. Later, the terms were delayed.
Uranium refining and conversion will be realized at the same plant.
Kazatomprom is Kazakh national operator for import and export of uranium, rare metals, nuclear fuel for power plants, special equipment and dual-purpose materials. A total of 100 percent of the Company's stock is held by the Government through Sovereign Welth Fund Samruk-Kazyna.