Kazatomprom to increase share in Kazakhstan’s uranium reserves

Kazakh National Atomic Company Kazatomprom will increase its share in Kazakhstan’s uranium reserves to 52 percent in 2012, Novosti-Kazakhstan quotes Kazatomprom’s chairman Vladimir Shkolnik as saying.

The company’s share in uranium reserves will be increased due to purchase of shares in joint ventures, as well as enhancing exploration works.

“In early 2009, Kazatomprom had 41.8 percent of all uranium deposits under contract in the country. Our partners and foreign companies had 48.2 percent. The signed contracts infringed upon our company and our country’s interests. All these contracts have been revised. And our country’s share in uranium deposits under contract will hit 52 percent by December 2012,” Shkolnik said at a press-conference on Wednesday.

According to Shkolnik, Kazatomprom plans to increase uranium reserves by 250,000 tons by 2020.

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 state through Kazakh Sovereign Wealth Fund Samruk-Kazyna.

Kazakhstan and Kazatomprom in particular are the world’s leading uranium producers.

In 2011 Kazakhstan produced 19,450 tons of uranium or 35 percent of world production.

Article sourced from Turkish Weekly

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