Kazatomprom, Kazakhstan’s national atomic company, is set to convene an extraordinary general meeting of shareholders to discuss two significant uranium sales agreements and a potential change in its board of directors. The first agreement involves the sale of natural uranium concentrates in the form of U3O8 to the Chinese company State Nuclear Uranium Resource Development Company Limited (SNURDC). This deal includes physical delivery to the Alashankou railway station in China. SNURDC, a subsidiary of the State Power Investment Corporation Limited (SPIC), is responsible for uranium supplies and has a state license for importing natural uranium concentrates in China. Kazatomprom’s commercial proposal was accepted by SNURDC, leading to the drafting of a spot purchase agreement for the uranium concentrate. However, details regarding the volumes, timelines, and pricing of the transaction remain undisclosed due to confidentiality agreements.
The second agreement pertains to the sale of natural uranium in the form of U3O8 to Uranium One Group, with physical delivery to the Siberian Chemical Combine in Russia. Uranium One Group is a major operator of foreign uranium mining assets under the Russian state corporation Rosatom and is also a participant and shareholder in joint ventures with Kazatomprom. Similar to the first deal, the specifics of this contract, including pricing and delivery schedules, are kept confidential, with Kazatomprom asserting that the terms align with current market conditions.
In addition to the sales agreements, the extraordinary meeting will address a proposed change in the board of directors. This follows the appointment of board member Elzhas Otynshev, who represents Samruk-Kazyna, to the position of chairman of Kazakhstan Temir Zholy, necessitating the early termination of his board membership. The proposal includes appointing Zhandos Kairgeldy, currently the managing director for strategy and asset management at Samruk-Kazyna, as his replacement. All three agenda items will be discussed at the upcoming shareholders’ meeting. Notably, Kazatomprom recently launched the first phase of a uranium mining complex at the Jalpak mine in the Turkestan region, with an annual capacity of 500 tonnes of uranium.
