What Is to Come of Rosatom Selling Stake in Kazakhstan's Uranium Deposits?
Photo: Kazatomprom
The Kazakhstan holding Kazatomprom announced agreements between the companies JSC Uranium One Group (Russian Federation), SNURDC Astana Mining Company Limited (People's Republic of China), and China Uranium Development Company Limited (a subsidiary of CGN, PRC).
JSC Uranium One Group, a member of the Rosatom State Corporation group of companies, has sold 49.979% of its shares in JSC SP Zarechnoye to SNURDC Astana Mining Company Limited, the ultimate beneficiary of which is State NuclearUranium Resources Development Co., Ltd (PRC). It is expected that JSC Uranium One Group will also sell 30% of its shares in the authorized capital of JV Khorasan-U LLP and 30% of its shares in the authorized capital of Qyzylkum LLP to China Uranium Development Company Limited, the ultimate beneficiary of which is China General Nuclear Power Corporation (CGN, PRC), subject to the parties to the transaction completing the procedures for its closure, the national operator's press release states.
The Rosatom subsidiary's decision and the subsequent partner change opens up new opportunities for Kazakhstan, primarily by reducing the risks of sanctions.
In the uranium industry, Kazakhstan's main transit route is through the port of St. Petersburg.
Kazatomprom representatives have long been negotiating with Chinese partners about possibly creating a transit corridor through the Alashankou border crossing.
All uranium imported by China from Kazakhstan passes through it.
Strengthening cooperation between Kazakhstan and China in developing and extracting uranium products may have a positive outcome in the matter.
Another factor is a guaranteed sales market. Given the shared border, delivery of products will most likely be lower in cost.
China and Russia are the leading buyers of Kazakhstan's uranium.
According to the First Credit Bureau, over 10 months last year, the cost of selling products abroad amounted to $2.46 billion. Our country sent $922.7 million worth of uranium to China and $1.2 billion to the Russian Federation.
Original Author: Maria Kravtsova
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