Kazatomprom is the largest global producer of natural uranium with priority access to one of the world’s largest uranium reserves.
Natural uranium
mining
Production of uranium
products
Prospecting and
explorationв
Producing rare
metals
14 mining assets operating in 26 deposits/blocks located in Kazakhstan, using the in-situ recovery (ISR) mining method, including:
Kazatomprom’s key assets in 2021
Company | Asset description |
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Subsoil use | |
Subsoil use contracts that grant the Group's subsidiaries mining rights in relation to 17 uranium deposits/blocks located in Shu- Sarysu and Syrdariya regions of Kazakhstan | Proven and probable ore reserves: 351,500 tonnes of UME |
Measured and estimated mineral resources: 499,400 tonnes of UME | |
Subsoil use contracts that grant Group's joint ventures and associates mining rights in relation to 9 uranium deposits/ blocks in the Shu-Sarysu, Syrdariya, and North Kazakhstan regions | Proven and probable ore reserves: 273,900 tonnes of UME |
Total mineral resources (including measured, indicated, and inferred resources): 285,00 tonnes of UME | |
Production | |
Ulba Metallurgical Plant JSC | Annual productivity:
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Commerce | |
Trade House KazakAtom TH AG | Uranium trading |
Ancillary businesses | |
SKZ-U LLP SSAP LLP |
680,000 tonnes of sulphuric acid – total annual production capacity |
Volkovgeologia JSC | A prospecting and drilling company |
Trade and Transport Company LLP | Transport and logistics company serving production assets |
Qorgan-Security LLP | Security services for Kazatomprom, its subsidiaries, and affiliates |
KAP Technology LLP | Ensures local and corporate telephone communications, data transmission, and VHF radio communications services to Kazatomprom’s entities |
Uranenergo LLP | Electricity transmission and distribution, operations of power grid and stations, reliable and uninterrupted power supply to uranium mining enterprises of Kazatomprom |
Science, Engineering and Education | |
Institute of High Technology LLP | Addresses strategic objectives in Kazakhstan’s nuclear sector to drive its innovative development, technological upgrade, palpable improvement in the quality and competitiveness of knowledge-intensive products, conducts R&D activities, works to introduce innovations in the sector, employees training and retraining |
Company’s mineral assets are located in four key administrative districts of Kazakhstan:
Global uranium demand with regards to nuclear power plant reactor needs and commercial and strategic reserves
., k tUGlobal uranium supply
., k tU
Global natural uranium
production
Average spot quotes
$.05 (w)/$.28 (m)Significant developments in the global uranium market
Green Taxonomy of EU |
The European Commission has decided to include nuclear energy and natural gas in the EU Green Taxonomy. Within the framework of the taxonomy, restrictions are introduced addressing nuclear energy projects in terms of minimizing radioactive waste. At the time of writing, it was decided that, in the absence of comments, the act on the adoption of taxonomy will take effect on January 1, 2023. |
China | Chinese government ratified its 14th Five-Year Plan, covering a wide range of economic goals and providing an overview of the country’s plans to develop its energy infrastructure. The plan continues to strongly support nuclear power, envisaging an increase of nearly 40% compared to 2020, with some 70 GW of nuclear power capacity by the end of 2025. By 2030, the capacity is expected to increase up to 100 GW. |
Climate Strategy | The UN Climate Change Conference 2021 (COP 26) took place between October 31 – November 13, 2021. According to the Agreement adopted by countries, COP 26 recognizes that limiting global warming to 1.5°C requires rapid, deep and sustained reductions in global greenhouse gas emissions, including a 45% reduction in carbon dioxide by 2030 compared to 2010 levels. The Climate Pact does not specify any technologies, but these decisions implicitly support the accelerated introduction of nuclear power due to its low emissions. |
Financial investment companies | In addition to various end-users of uranium products, in 2021 there was an active involvement of financial investment companies focusing on physical uranium storage and representing 'non-traditional demand'. The most significant event was the completion of Sprott Asset Management LP's acquisition of Uranium Participation Corporation (UPC) in July and the subsequent listing of Sprott Physical Uranium Trust (SPUT) on the Toronto Stock Exchange. SPUT used the proceeds of the ongoing investment units for an active campaign to procure natural uranium. |
Covid-19 | The world continues to struggle with the COVID-19 pandemic, with a focus on rolling out mass vaccination and revaccination campaigns. This adversely affected uranium production in a number of countries as operations were closed to protect employee welfare. |
As the sale of natural uranium and uranium products is the main source of the Company's income and profit, market prices for uranium products have a significant impact on the Company’s financial performance.
Supply-demand balance shapes the market price for uranium products, as for any commodity. The average sales price of uranium sold by any major producer is also quite dependent on the types of contracts concluded and the structure of their sales portfolio (terms, price formulae used in each contract, the proportion of spot and longterm contracts, etc.).
Kazatomprom expects that nuclear power, as a reliable source of carbon-free, base-load electricity, will underpin its position in the broader energy market, resulting in greater demand for uranium in years to come. Kazatomprom is well placed to benefit from this, as it is the key low-cost producer.
In 2021, Kazatomprom produced 11,900 tonnes of uranium, which equals 24% of global production which ranked it first globally in terms of natural uranium production. In the context of continued production cuts by a number of key competitors, by the end of 2021, Kazatomprom ranks first in the world in the natural uranium mining.
In August 2021 Kazatomprom announced its intention to continue cutting production by 20% in 2022 against targets under subsoil use contracts. The decision to cut production for another year will reduce the projected global primary uranium output by 5,500 tonnes in 2022, but maintain the uranium production in Kazakhstan at a level similar to that expected in 2021.
At the same time, Kazatomprom plans to maintain production in 2023 at the same level as in 2022, which is expected to be 20% lower than the projected volumes under the subsoil use contracts, keeping production almost at the same level in 2022 and 2023.
On June 24, 2021 Kazatomprom announced the plan to develop blocks 6 and 7 of the Budenovskoye field for the period between 2021-2045 with a ramp up in production to 2,500 tons of uranium not earlier than 2024, and a maximum possible annual production capacity of up to 6,000 tons of uranium not before than 2026. Specific commissioning dates and future annual production volumes are subject to annual review, and actual production volumes are subject to change depending on Kazatomprom's ongoing analysis of market conditions. According to the written agreements with the JV partners, the entire expected production volume of the JV Budenovskoye between 2024-2026 is fully reserved for feedstock supply to the Russian civil nuclear power industry on market terms under an off-take contract.
In 2021, Kazatomprom retained its position as the world's largest uranium producer (based on its attributable share of production). According to UxC, the Company's uranium production in 2021 amounted to 24% of the total global primary uranium production. Kazakhstan accounted for more than 45% of global uranium production in 2021.
COVID-19 pandemic did not affect the performance of the Company's sales commitments in 2021. Kazatomprom completed all contractual obligations to customers.
In 2021, the Company sold uranium products directly and through its Swiss trading subsidiary Trade House KazakAtom AG (THK) to 21 clients in eight countries.
Kazatomprom deploys safe, secure, and reliable logistics solutions to deliver uranium products to its customers across the globe. Uranium products are shipped by rail or sea in sealed containers and physically protected by armed guards and convoys until they reach their destination. All shipments are insured against any risks associated with the transportation of uranium products.
In 2021, Kazatomprom delivered U3O8 and finished uranium products to various destinations, based on customer needs and requirements including:
Converters. The Group transported U3O8 to licensed conversion facilities owned by companies such as Honeywell (US), Cameco (Canada), and Orano Cycle (France), first by rail from the Company’s operations in Kazakhstan most commonly to the port of St. Petersburg in Russia, then by sea to various ports in the US, Canada and Europe. Afterwards, the material was moved by rail or road to processing facilities and transferred to customer’s accounts.
China. When transporting material to China, Company delivered its cargo to the Alashankou railway station near the Kazakhstan-China border.
Russia. When shipping to the Russian Federation (recipients include Siberian Chemical Combine JSC (SCC)) Company delivered its cargo by rail to the Tomsk-2 railway station in Russia.
India. Company mostly delivered U3O8 to destinations in India by rail to the port of St. Petersburg, Russia, further by sea to the port of Mumbai, India. The customer would take title at the port and organised further transportation to the final destination.
Argentina. When delivering to Argentina customer would take title at the port and organized further transportation to the final destination.
Romania. Delivery was implemented based on DDP (Delivered, Duty Paid) terms.
The average cost of shipping products to the destinations indicated in the map below ranges from USD 0.5 to USD 3.5 per kilogram of U3O8. Where practical, the Group enters swap agreements in order to minimise delivery times (the physical transportation of materials takes, on average, 100 days, while deliveries under swap agreements can take up to 25 days), reduce transportation costs, and lower risks related to the transportation of uranium products.
Mission
To develop our uranium deposits and value chain components to create long-term value for all Company stakeholders in line with sustainable development principles
Vision
To become a partner of choice for the global nuclear fuel industry
Implementation of the Company’s 2021-2028 Development Strategy focuses on improving operational efficiency in core activities, continuing business transformation and improving corporate governance and HR management processes. All planned activities were completed in 2021.
Strategic goals | Key results |
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Focus on the core business |
Company continued to dispose a number of non-core assets as part of the 2021-2025 Comprehensive
Privatisation Plan of the Republic of Kazakhstan:
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Optimise mining, processing and sales volumes based on market conditions |
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Create value through enhanced sales & marketing capabilities/ channels |
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Apply best-practice business processes |
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Develop industry leader corporate culture |
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Key changes in 2021 Transformation Portfolio
2 new events and 1 project added |
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3 projects completed |
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4 events completed |
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One project and one event withdrawn to operations and removed from the Portfolio |
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As of December 2021, the Company's transformation portfolio consisted of:
5 projects:
3 events:
As part of the Transformation Program, the Company took the following measures:
The Company completed the following as part of the Corporate Portal upgrade:
Replication of three IT processes in twelve subsidiaries and affiliates. Within the framework of replication, the following processes were launched:
A key tool to ensure compliance with internal company procedures for data protection, identification of access risks and correct assignment of authority to company staff. Business unit heads became SAP modules owners.
Ensures automation of project management processes and makes project portfolio management much easier. In addition, the Company worked to migrate data to the S/4HANA platform, including integration between SAS IPS and SAP PPM, SAP PPM and SAP ERP via the BW migration to the new SAP BW/4HANA version. BW is also the data transfer intermediary from SAP ERP to the Data Warehouse.
SAP MDG on the S/4HANA platform was launched in May 2021. As part of the Project, the system was configured to automatically generate short and full name of the Goods, Works and Services (hereinafter referred to as “GWS”) directory using the GWS classifier, maintenance of Plan of Accounts and Primary Cost Types directories, integration with public databases, approval processes for master data requests involving business units of companies, quite simplified system interface and much more. All of this has significantly improved the quality of master data, which has a major impact on procurement, production, logistics and other Company business processes.
Transformation team together with the interested Company's structural units developed and implemented RPA robots aimed at automation of routine operations performed by employees both of the headquarters and of the Company's subsidiaries and affiliates. Kazatomprom introduced nine solutions covering treasury, accounting, marketing, industrial safety and other processes. The main areas of robotisation are data transfer between information systems, including SAP ERP, collection and processing of information from external and internal portals, building operational reporting, reconciliation and validation of information. In 2021, we developed and implemented an internal regulatory document governing the robotisation of business processes through RPAs.
As part of Kazatomprom Transformation Programme, a project for implementation of a tool for determining the orebodies contour based on machine learning technologies is in the pipeline. The purpose of this project is to model the contour of orebodies represented by a plan using machine learning and geostatistics algorithms and, as a result, to automate the geological modelling process in terms of the task being studied. As part of this project, the Company internally developed the “Contour” tool, which allows geologists to run various modelling scenarios using accumulated historical data. Together with the staff of subsidiaries and affiliates, the tool is implemented and tested within the selected perimeter.
Additional projects in 2021
Project profile | Results of 2021 |
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Corporate Portal Upgrade | |
The Corporate Portal is a tool for the development of corporate culture, communications between management and employees, the headquarters and subsidiaries and affiliates. Playing an important role in maintaining the Company's IR and HR brand, the portal is the most relevant and effective tool that can significantly increase employee involvement in the priorities, principles, and beliefs that guide Kazatomprom and its subsidiaries and affiliates. To this end, the Company implemented a project focused on upgrade of Kazatomprom’s “Corporate Portal” information system |
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AR & VR | |
With AR & VR technology, a computer simulation of a three-dimensional image or complete environment is created within a defined and controlled space, with which the user can realistically interact. The goal of virtual reality is to achieve the “immersion” effect |
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IDM | |
The goal of IDM implementation is to increase the level of information security maturity by implementing a tool that enables centralised management of accounts and access rights in various corporate information systems |
System introduction solved the following tasks:
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The Company has extensive plans for developing the Group's IT architecture and implementing digitalisation projects. In 2022, the plans are to:
Business transformation opens up new opportunities for real-time decision-making and increasing the productivity, flexibility, and agility of the industry, while at the same time requires special attention to ensuring information security, cyber resilience and business continuity of information systems.
In order to ensure an appropriate level of cybersecurity, Kazatomprom continuously monitors compliance with information security requirements and strives to develop an information security management system in accordance with the laws of the Republic of Kazakhstan and ISO/IEC 27001.
The Company continues to bring to action the Implementation and Development of Cybersecurity Project as part of the Action Plan for the execution of “Establishment of an Integrated Information Security Management System” mechanism under strategic objective on “Digitalisation and Transformation” to achieve the “Apply best practices in business activities” strategic goal as per the 2018-2028 Kazatomprom Development Strategy. Kazatomprom ensures roundthe- clock monitoring and response to information security incidents, and actively interacts with the Digital Security Service and the National Coordination Centre for Information Security. In order to improve and enhance the cyber culture and cyber hygiene in the Group, online training, cyber training sessions and special induction trainings are conducted on an ongoing basis.
To raise awareness on information protection among employees, as well as to inform them about changes in internal documents governing the information security requirements in 2021, an interactive online training for top managers of subsidiaries and affiliates and line managers of the headquarters, and a thematic course for all employees of Kazatomprom were conducted.
As part of the intent on cooperation agreements in information security, the Company works to improve cyber hygiene and digital security, and to ensure participation in forums and meetings to discuss the digitalisation of the nuclear industry and plans for IT and IS systems development, both during the pandemic and in the post-quarantine period.
Kazatomprom will continue to monitor compliance with information security requirements in all existing and developing IT systems, as well as carry out activities to improve cybersecurity and information security awareness among its employees.
In addition, the Company intends to:
World Nuclear Association, London, UK
Tantalum-Niobium International Study Center, Brussels, Belgium
World Nuclear Fuel Market, Norcross, GA, United States
Nuclear Energy Institute, Washington, D.C.
World Nuclear Transport Institute, London, UK
Nuclear Society of Kazakhstan, Nur-Sultan, Kazakhstan
Association Of Legal Entities “Republican Association Of Mining And Metallurgical Enterprises” (AMME), Nur-Sultan, Kazakhstan
KAZENERGY Kazakhstan Association of Oil&Gas and Energy Sector Organisations, Nur-Sultan, Kazakhstan
Atameken National Chamber of Entrepreneurs of Kazakhstan, Nur-Sultan, Kazakhstan
Company owns a 51% interest in the authorized capital of ME ORTALYK LLP (China National Nuclear Energy Group owns 49%). The LLP operates at the central block of the Mynkuduk deposit and at the Zhalpak deposit in the Suzak District of Turkistan Region.
The Mynkuduk deposit was discovered in 1973, and the commercial operation of the central block began in 2008. A subsoil use contract to develop the Central Mynkuduk deposit block was concluded on 8 July 2005. The rights to the exploration, production and marketing of uranium are valid until 2043.
Pilot production was conducted at the Zhalpak deposit. The exploration contract was concluded on 14 December 2021. In the event of successful production, full-scale production will begin in 2042.
As of 31 December 2021, the total volume of ore reserves of the deposits (including annual depletion) was 37,200 tonnes. Total mineral resources (including reserves) stood at 37,200 tonnes.
Company is the only participant at RU-6 LLP.
In November 2018, Company transferred to RU-6 LLP its rights and obligations under a subsoil use contract to develop the North Karamurun and South Karamurun deposits in the Shieli District of Kyzylorda Region.
The North Karamurun and South Karamurun deposits were discovered in 1979, and commercial operation began in 1997.
A subsoil use contract to develop the North Karamurun and South Karamurun deposits was concluded on 27 November 1996. The rights to the exploration, production, and marketing of uranium are valid until 27 November 202213.
As at 31 December 2020, the total amount of ore reserves in the deposits (including annual depletion) was 13,500 tonnes of uranium. Total mineral resources (including reserves) stood at 13,500 tonnes of uranium.
Company is the only participant at Kazatomprom-SaUran LLP.
In November 2018, Company transferred to Kazatomprom- SaUran LLP its rights and obligations under subsoil use contracts for the Kanzhugan deposit, the south part of block No. 1 (South) and the north part of block No. 3 (Central) of the Moinkum deposit, the Vostochny block of the Mynkuduk deposit and the Uvanas deposit, together with related manufacturing assets.
The Kanzhugan deposit was discovered in 1972, commercial operation began in 1997. A subsoil use contract to develop the Kanzhugan deposit was concluded on 27 November 1996. The rights to the exploration, production, and sale of uranium are valid until 15 November 202211.
The south part of block No. 1 (South) of the Moinkum deposit was discovered in 1976, the north part of block No. 3 (Central) in 1974. Commercial operation of the southern part of block No. 1 began in 1997, and the northern part of block No. 3 in 2017.
A subsoil use contract for the south part of block No. 1 (South) was concluded on 26 September 2000. The rights to the extraction, exploration, and sale of uranium are valid until 26 September 2021.
A subsoil use contract for the north part of block No. 3 (Central) was concluded on 31 May 2010. The rights to the extraction, exploration, and sale of uranium are valid until 31 May 2041.
The Uvanas deposit was discovered in 1963, and commercial operation began in 1997. A subsoil use contract to develop the Uvanas block was concluded on 27 November 1996. The rights to the exploration, production, and sale of uranium to be valid until 15 November 2022.
The Mynkuduk deposit was discovered in 1973, and commercial operation of the Vostochny block began in 1997. A subsoil use contract to develop the Vostochny block of the Mynkudyk deposit was concluded on 27 November 1996. The rights to the exploration, production, and sale of uranium are valid until 15 November 2022.
Currently, uranium mining in the southern part of block No. 1 (South) of the Moinkum deposit and the Uvanas deposit has been suspended due, to a depletion of reserves. Work is underway to return the territories to the state.
As of 31 December 2021, the total volume of ore reserves of deposits (including annual depletion) was 23,100 tonnes of uranium. Total mineral resources (including reserves) stood at 25,300 tonnes of uranium.
Company holds a 65% interest in the charter capital of APPAK LLP (Sumitomo Corporation holds 25%, Kansai Electric Power Co., Inc. holds 10%).
The joint venture operates in the Western block of the Mynkuduk deposit in the Suzak District of Turkistan Region.
The Mynkuduk deposit was discovered in 1973, commercial operation of the Zapadnoye block began in 2008.
A subsoil use contract was signed on 8 July 2005 to develop the Zapadnoye block of the Mynkuduk deposit. The rights to the exploration, production, and marketing of uranium are valid until 8 July 2035.
As of 31 December 2021, the total amount of ore reserves in the deposits (including annual depletion) was 16,300 tonnes of uranium. Total mineral resources (including reserves) stood at 16,300 tonnes of uranium.
Company owns a 60% interest in the charter capital of JV Inkai LLP (Cameco holds 40%).
The joint venture operates at block No. 1 of the Inkai deposit in the Suzak District of Turkistan Region.
The Inkai deposit was discovered in 1976 and testing of block No. 1 began in 2002.
A subsoil use contract was signed on 13 July 2000 to develop the Inkai deposit, block No. 1. The rights to the exploration, production, and marketing of uranium are valid until 13 July 2045.
As of 31 December 2021, the total volume of ore reserves of deposits (including annual depletion) was 131,300 tonnes of uranium. Total mineral resources (including reserves) stood at 151,800 tonnes of uranium.
Baiken-U LLP is owned 52.5% by the Company, with a direct share of 5% and 47.5% through EnergyAsia (BVI) Limited.
The joint venture operates at the Kharasan-2 block of the North Kharasan deposit in the Zhanakorgan District of Kyzylorda Region.
The deposit is the deepest uranium deposit in Kazakhstan mined using the ISR method
The North Kharasan deposit was discovered in 1972, and commercial operation of the block began in 2010.
A subsoil use contract to develop the Kharasan-2 block of the North Kharasan deposit was concluded on 1 March 2006. The rights to the exploration, production, and marketing of uranium are valid until 1 March 2058.
As of 31 December 2021, the total volume of ore reserves of the deposits (including annual depletion) was 17,000 tonnes. Total mineral resources (including reserves) stood at 17,000 tonnes.
Company holds a 51% interest in the charter capital of Semizbai-U LLP (Chinese National Nuclear Power Group holds 49%).
The joint venture operates at the Irkol deposit in the Shielinsky District of Kyzylorda Region and at the Semizbai deposit in the Birzhan Sal district of Akmola Region.
The Irkol deposit was discovered in 1976, commercial operation began in 2008. A subsoil use contract to develop the Irkol deposit was concluded on 14 July 2005. The rights to the exploration, production, and marketing of uranium are valid until 4 March 2030.
The Semizbai deposit was discovered in 1973, commercial operation began in 2009. A subsoil use contract to develop the Semizbai deposit was concluded on 2 June 2006. The rights to the exploration, production, and sale of uranium are valid until 2 June 2031.
As of 31 December 2021, the total amount of ore reserves in the deposits (including annual depletion) was 24,200 tonnes of uranium. Total mineral resources (including reserves) stood at 24,200 tonnes of uranium.
Company and Uranium One Netherlands B.V. (part of Rosatom Group) each hold a 50% interest in the charter capital of Karatau LLP.
The LLP operates at block No. 2 of the Budenovskoye deposit in the Suzak District of Turkistan Region.
The Budenovskoye deposit was discovered in 1979, and the commercial operation of block No 2 began in 2008.
A subsoil use contract was signed on 8 July 2005 to develop block No. 2 of the Budenovskoye deposit. The rights to the exploration, production, and marketing of uranium are valid until 8 July 2040.
As of 31 December 2021, the total amount of ore reserves in the deposits (including annual depletion) was 38,700 tonnes of uranium. Total mineral resources (including reserves) stood at 38,700 tonnes of uranium.
Company holds a 50% interest in the charter capital of JV Khorasan-U LLP (Uranium One Utrecht B.V. (part of Rosatom group) holds 30%, Energy Asia Holdings Ltd holds 20%).
The JV operates at the Khorasan-1 block of the North Khorasan deposit in the Zhanakorgan district of Kyzylorda Region.
The North Khorasan deposit was discovered in 1972, and commercial operation of the Kharasan-1 block began in 2008.
A subsoil use contract to develop the Khorasan-1 block of the North Khorasan deposit was concluded on 8 July 2005. The rights to the exploration, production, and sale of uranium are valid until 8 July 2058.
As of 31 December 2021, the total amount of ore reserves in the deposits (including annual depletion) was 36,600 tonnes of uranium. Total mineral resources (including reserves) stood at 36,600 tonnes of uranium.
Kazatomprom and Uranium One Amsterdam B.V. (Part of Rosatom Group) each hold a 50% interest in JV Akbastau JSC.
The JSC operates at blocks No. 1, No. 3 and No. 4 of the Budenovskoye deposit in the Suzak District of Turkistan Region.
The Budenovskoye deposit was discovered in 1976 and commercial operation of blocks No. 1, No. 3, and No. 4 began in 2012.
Subsoil use contracts to develop blocks No. 1, No. 3 and No. 4 of the Budenovskoye deposit were concluded on 20 November 2007. The rights to the exploration, production, and marketing of uranium in area No. 1 are valid until 20 November 2037, and in blocks No. 3 and No. 4 until 20 November 2038.
As of 31 December 2021, the total volume of ore reserves of the deposits (including annual depletion) was 37,900 tonnes. Total mineral resources (including reserves) stood at 37,900 tonnes.
Company and Uranium One Holland B.V. (part of the Rosatom group) each own 49.98% of the shares of JV ZARECHNOYE JSC, and Karabaltinsky Mining Plant JSC owns 0.04%.
The joint venture operates in the Zarechnoye deposit in the Otyrar district of Turkistan Region.
The Zarechnoye deposit was discovered in 1977, and commercial operation of the deposit began in 2007.
A subsoil use contract to develop the Zarechnoye deposit was concluded on 23 September 2002. The rights to the exploration, production, and marketing of uranium are valid until 23 September 2025.
As of 31 December 2021, the total amount of ore reserves in the deposits (including annual depletion) was 5,200 tonnes of uranium. Total mineral resources (including reserves) stood at 5,800 tonnes of uranium.
Company holds a 49% interest in the charter capital of JV Katco LLP, (Orano (formerly AREVA) holds 51%).
The joint venture operates in the northern part of block No.1 (South) and at block No. 2 (Tortkuduk) of the Moinkum deposit in the Suzak District of Turkistan Region.
In April 2017, the Company and Orano concluded an agreement under which 60% of the profit distributed by the joint venture is due to the Company from 2022.
The Moinkum deposit was discovered in 1976, the commercial operation of block №1 began in 2001.
A subsoil use contract to develop the northern part of block No. 1 (South) and block No. 2 (Tortkuduk) of the Moinkum deposit was concluded on 3 March 2000. The rights to the exploration, production, and sale of uranium are valid until 4 March 2039.
As of 31 December 2021, the total volume of the ore reserves of deposits (including annual depletion) was 52,400 tonnes of uranium. Total mineral resources (including reserves) stood at 54,900 tonnes of uranium.
Company holds a 30% interest in the charter capital of JV Southern Mining and Chemical Company LLP (Uranium One Rotterdam B.V. (part of Rosatom Group) holds 70%).
The joint venture operates at the Akdala deposit and at block No. 3 of the Inkai deposit in the Suzak District of Turkistan Region.
The Akdala deposit was discovered in 1982, and commercial operation began in 2004. A subsoil use contract to develop the Akdala deposit was concluded on 28 March 2001. The rights to the extraction, exploration, and sale of uranium are valid until 28 March 2026.
The Inkai deposit was discovered in 1976, and commercial operation of block No. 4 began in 2007. A subsoil use contract was signed on 8 July 2005 to develop block No. 4 of the Inkai deposit. The rights to the exploration, production and sale of uranium are valid until 8 July 2029.
As of 31 December 2021, the total amount of ore reserves in the deposits (including annual depletion) was 77,900 tonnes of uranium. Total mineral resources (including reserves) stood at 80,000 tonnes of uranium.
Company holds a 51% interest in the charter capital of JV Budenovskoye LLP (Limited Liability Partnership Stepnogorsk Mining and Chemical Combine holds 49%).
The joint venture operates at block No. 6 and 7 of the Budenovskoye deposit in the Suzak District of Turkistan Region.
The Budenovskoye deposit was discovered in 1982, and commercial operation of block No. 6 and 7 is planned in 2022.
As of 31 December 2021, the total amount of ore reserves in the deposits (including annual depletion) was 114,200 tonnes of uranium. Total mineral resources (including reserves) stood at 114,200 tonnes of uranium.