Budyonovskoye Site: Terms of Deal Shift in Kazakhstan’s Favor

Details have emerged about the deal that gave Kazatomprom control over the Budyonovskoye joint venture — a large uranium deposit partially owned by Russia’s Rosatom since 2023, Orda.kz reports.

According to the financial statements of the Samruq-Qazyna National Welfare Fund, published on the KASE website, the shift in control came after changes were made to the joint venture’s charter and production sharing agreement.

Although Kazakhstan’s ownership stake remains at 51%, the revised terms now give the Kazakh side full authority to manage production volumes independently. As of 2024, all key decisions have been made by a simple majority vote.

The Group did not make any cash payments to acquire control. LLP SP Budenovskoye is a strategically important asset with estimated reserves of 114 thousand tons of uranium,
 the report notes.

The change in the agreement led to a one-time gain of 295.7 billion tenge for Kazakhstan, due to a revaluation of its stake in the joint venture. The estimated value of the asset also increased, reaching a fair market price of 707.1 billion tenge.

Rosatom acquired a 49% share in JV Budyonovskoye in 2023 after Russian businessmen Yakov Klebanov and Vasily Anisimov sold their stakes to the state corporation. 

Last year, it was reported that Kazatomprom received subsoil use rights for one of the Budyonovskoye blocks, with explored uranium reserves of 18 thousand tons.

Meanwhile, the company’s financial results for the first quarter of 2025 showed a nearly 19% decline in profit.

Original Author: Nikita Drobny