MINEX Forum

Tag: C29 Metals

  • C29 Metals Withdraws from Kazakhstan After Denial of Rights to Uranium Project

    C29 Metals Withdraws from Kazakhstan After Denial of Rights to Uranium Project

    Australian geological company C29 Metals has announced it is ending its operations in Kazakhstan after regulators rejected its applications to obtain rights for geological exploration (GER) at the Ulutau uranium project in the Zhambyl region. The company had previously sought a stake in the project and had secured environmental approval for exploratory drilling on one block, while considering additional exploration on three more areas of the deposit, whose historical resources are estimated at 3,800 tonnes of uranium.

    To acquire 100% of the rights for exploration, C29 Metals issued additional shares worth 3 million Australian dollars, but their value has since dropped by more than half. According to the company’s report, total losses exceeded 4.9 million Australian dollars.

    Kazakhstan’s regulator rejected both the initial and repeat applications, the latter submitted in March 2025. Local media attributed the decision to national security concerns. As a result, C29 Metals has suspended exploration activities that were to be carried out in partnership with Volkovgeology, a subsidiary of Kazatomprom.

    Under current legislation, licenses for uranium production in Kazakhstan are issued only to companies in which Kazatomprom holds at least a 51% stake. Previously, such restrictions did not apply to exploration, but the Mazhilis is now reviewing amendments that would grant the national company priority rights for exploration in areas containing strategic uranium reserves. Analysts suggest that both administrative hurdles and the prospect of legislative changes may have pushed the Australian investor to abandon the project.

  • Kazakhstan Rejects C29 Metals’ Initial Bid for Ulytau Uranium Project

    Kazakhstan Rejects C29 Metals’ Initial Bid for Ulytau Uranium Project

    Australian mining company C29 Metals received notification from Kazakhstan’s Ministry of Industry on November 28, 2024, that its initial application to transfer ownership rights of Ulytau Resources Limited, holder of the Ulytau geological project, had been rejected at the first stage. This was revealed in the company’s quarterly activity report, published in late January, as reported by inbusiness.kz.

    According to the ministry’s statement, the request was denied under Subparagraph 1, Paragraph 10, Article 45 of Kazakhstan’s Subsoil and Subsoil Use Code. This clause allows refusal if the transfer of subsoil use rights or related assets threatens national security, including through the concentration of such rights.

    Following the rejection, C29 Metals requested a trading halt on the Australian Stock Exchange on November 29, with a suspension of quotations on December 3, later voluntarily extended on December 17. When trading resumed on December 23, the company’s stock price fell sharply.

    C29 Metals had signed a binding share purchase agreement in April 2024 to acquire 100% ownership of the Ulytau uranium project in the Moiynkum district of Zhambyl region. The license area was estimated to contain around 10 million pounds (3,800 tonnes) of uranium oxide. The project’s previous owners included several Kazakh investors.

    The company had been expanding its operations, obtaining two additional exploration licenses and receiving approvals for geophysical surveys, soil sampling, and drilling by late 2024. It had also signed a memorandum of understanding with Kazatomprom’s geological subsidiary, Volkovgeology, in anticipation of a commercial agreement.

    Upon receiving the rejection notice, C29’s Managing Director Shannon Green immediately traveled to Almaty to work with consultants and engage with Kazakh government authorities to address concerns. The company has been encouraged to reapply and is preparing a revised submission. Despite suspending exploration activities, C29 Metals remains financially stable and ready to resume operations once regulatory approval is granted.

    Kazakhstan’s uranium sector has been under increased scrutiny. In January, inbusiness.kz reported a legal precedent involving the revocation of a uranium exploration license from Nur Dala, which had Chinese investment. Additionally, Canadian firm Laramide Resources has been planning uranium exploration in the Chu-Sarysu basin.

    Kazakh law requires that uranium mining contracts be awarded only to companies where Kazatomprom holds at least a 51% stake, though exploration is not subject to the same restriction. Legislative amendments proposed in September 2024 may further reshape Kazakhstan’s uranium exploration and mining regulations.

  • C29 Metals Secures Southern Tenement at Ulytau Uranium Project in Kazakhstan

    C29 Metals Secures Southern Tenement at Ulytau Uranium Project in Kazakhstan

    C29 Metals has successfully acquired the southern tenement, spanning 213km², at the Ulytau Uranium Project in southern Kazakhstan. This new tenement is contiguous with the existing license area, located directly to the south and east of the project’s current boundaries. With a market capitalization of $11.17 million, C29 Metals announced that the tenement granting process was completed within an impressive 15 days, highlighting the efficiency of government agencies and their support for the company’s endeavors.

     

    Managing Director Shannon Green expressed excitement over the swift approval, stating, “It is very exciting to have this highly prospective application granted in such a rapid timeframe.” He further emphasized that this rapid approval demonstrates the positive operating environment in Kazakhstan and the strong support the company is receiving.

    C29 Metals will immediately begin the exploration approval process for the new southern tenement. The approval process for the company’s planned exploration programs at the Ulytau Project is already well advanced and proceeding as scheduled. The Ulytau Project is located in the Almaty region, approximately 15km southwest of the Bota-Burum mine, one of the largest uranium deposits mined during the former Soviet Union era.

  • C29 Metals Seeks New Exploration Licenses in Kazakhstan

    C29 Metals Seeks New Exploration Licenses in Kazakhstan

    In a recent development, the geological exploration company C29 Metals Limited has submitted applications for new exploration licenses in Kazakhstan. The areas of interest are situated to the south and north of the company’s current exploration site, according to inbusiness.kz. C29 Metals is looking to secure rights to study two sections of land: one covering 213 km² near the Ulutau Uranium Project and another 39 km² site close to the Botaburum mine. The company considers these zones promising based on historical drilling data and satellite imagery. It is estimated that the subsurface may contain 3,800 tonnes of uranium oxide. Currently, the Australian company holds full ownership of the Ulutau project. However, it remains unclear how they plan to proceed with extraction, as current legislation stipulates that mining of this metal must involve organizations with a majority stake held by Kazatomprom.