Baku, Azerbaijan, Dec.11
By Nigar Guliyeva – Trend:
Kazatomprom, Kazakhstan's national atomic company controlling all uranium exploration and mining as well as other nuclear-related activities, including imports and exports of nuclear materials, and Cameco Corporation (Canada) agreed on the completion of JV Inkai LLP’s restructuring.
Kazatomprom CEO, Galymzhan Pirmatov, and President and CEO of Cameco, Tim Gitzel signed the documents at a ceremony in London on Dec.11 and thus completed the restructuring outlined in the May 2016 Implementation Agreement between Kazatomprom, Cameco and Inkai, the company reported.
Under the implementation agreement, Kazatomprom’s share in Inkai will increase from 40 percent to 60 percent and it will obtain operational control, starting from Jan. 1, 2018. Furthermore, Inkai extended its subsoil use contract until 2045.
“Cameco is our strategic partner, with whom we have enjoyed a successful working relationship for many years. I am confident that the agreement between our companies will give new impetus to Kazakh-Canadian cooperation in the nuclear sphere. Increasing our participation share in Inkai will allow us to further develop this key asset together," said Pirmatov.
“Implementation of this agreement will secure Cameco’s access to a tier-one production source through 2045 and strengthens our partnership with Kazatomprom,” said Gitzel.
Kazakhstan owns 15 percent of the world's uranium resources and an expanding mining sector.
In 2009, it became the world's leading uranium producer, with almost 28 percent of world production, then 33 percent in 2010, rising to 41 percent in 2014, and going to 39 percent in 2015 and 2016.
Kazakhstan does not have its own nuclear power plants and does not consume nuclear cycle products.