NAC Kazatomprom announces update of Cooperation agreement with CGNPC

29.12.20 17:08
/KASE, December 29, 2020/ – NAC Kazatomprom (Nur-Sultan), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated December 29, 2020: quote JSC National Atomic Company "Kazatomprom" ("Kazatomprom" or "the Company") announces the following update related to the Company's 2014, 2015 and 2016 agreements ("agreements") for expanding cooperation in the nuclear industry with China General Nuclear Power Corporation ("CGNPC") and its subsidiaries, CGNPC Uranium Resources Company Limited ("CGNPC-URC") and CGN Mining Company Limited ("CGN Mining"). Please see the Company's 2018 IPO Prospectus for further information regarding the specific agreements. Pursuant to the agreements, the parties created a joint venture, Ulba-FA LLP, for the construction of a fuel assembly plant ("Ulba-FA plant") with an annual nameplate capacity of 200 tonnes of uranium metal content equivalent in the form of fuel assemblies ("UME"), located at the Ulba Metallurgical Plant in the East Kazakhstan Region. In accordance with the agreements, CGNPC-URC committed to procure 200 tonnes of UME annually from the Ulba-FA plant within 20 years (4,000 tonnes UME in total). The Company and CGNPC agreed that subject to Ulba-FA receiving the first fuel assembly contract from CGNPC-URC, the Company would sell to CGNPC or its affiliates up to a 49% interest in its wholly owned subsidiary, Ortalyk LLP, on market terms determined by a thirdparty valuation (which is underway). unquote The complete press release is available on KASE website at – https://kase.kz/files/emitters/KZAP/kzap_reliz_291220_1.pdf [2020-12-29]