/KASE, July 2, 2021/ – NAC Kazatomprom (Nur-Sultan), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with eh following press release dated July 2, 2021:

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JSC National Atomic Company "Kazatomprom" ("Kazatomprom" or "the Company") announces today that it plans to maintain 2023 production at a similar level to 2022, which is expected to be 20% lower than the planned volumes under its Subsoil Use Contracts. The Company will now begin working with joint venture partners to assess the impact and implement the plan across all of Kazakhstan’s uranium mines.

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As previously announced, under the terms of several cooperation agreements between Kazatomprom and China General Nuclear Power Corporation ("CGNPC"), the parties agreed to construct a fuel assembly plant ("Ulba-FA") at the Ulba Metallurgical Plant. CGNPC provided a guarantee that Ulba-FA's production will be purchased by CGNPC, in exchange for Kazatomprom agreeing to sell a 49% interest in the Company's wholly owned subsidiary, Ortalyk LLP, to a subsidiary of CGNPC (the "Transaction").

In April 2021, a Sale and Purchase agreement was signed and the parties agreed to the valuation determined by one of the four major international advisory and professional services firms, whereby a 49% share of the operation was assessed a value of approximately USD 435 million.

The Transaction, subject to a number of conditions and governmental and legislative approvals, was expected to close by 30 June 2021. With the Counterparty's agreement, the anticipated closure date has been extended to 31 July 2021.

Upon completing the Transaction, Kazatomprom will retain a controlling 51% interest and CGN Mining (a CGNPC subsidiary) will acquire a 49% interest in Ortalyk LLP, with each partner purchasing a proportionate share of uranium production from the operation according to interest.

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The full press release is available on KASE website – see more

[2021-07-02]