Areva increased investments in the project of uranium plants in Kazakhstan

/REUTERS, Almaty, Tatyana Seroshtanova, October 14, 05/ - French company Areva/Cogema increased investments in construction project of uranium combines in Kazakhstan, one of which should be started by the end of 2005, general director of Kazakh-French JV Katko Benua de Galber said to Reuters. Founders of Katko are Areva/Cogema (51%) and Kazakh state company Kazatomprom (41%). Initially the project was estimated in $90 m. "We invest in construction of two plants $150 m. We increased amount of investments, as in future anticipate increase of capacities", - de Galber said. According to him, this will be own funds of Areva. "While we plan, that these two plants will produce 1,500 tons of uranium (annually)", - general director added. Kazakhstan takes the second place on uranium reserves in the world after Australia. Partner of Areva on JV, Kazatomprom plans to borrow through eurobonds and credits nearly $400 m. to increase own production of uranium ore to 15,000 tons annually by 2015 from 4,000 tons in 2004. JV Katko develops two industrial lands in uranium field Moinkum. Earlier the company informed, that reserves of industrial lands of the fields are estimated in 43,700 tons of uranium. According to him, term of concluded with JV contract for entrails usage is 35 years. "We hope to work 35 years in Kazakhstan. Reserves during this term allows to work", - de Galber said. He informed, that production would go for export. In Kazakhstan works the other big uranium producer, Canadian Cameco, which is founder of JV with Kazatomprom. [2005-10-14]