MINEX Forum

Tag: Samruk Kazyna Sovereign Wealth Fund

  • Kazakhstan’s New Sulfuric Acid Plant Boosts Uranium Production and Economic Growth

    Kazakhstan’s New Sulfuric Acid Plant Boosts Uranium Production and Economic Growth

    Kazakhstan’s Samruk Kazyna Sovereign Wealth Fund and Balestra signed on 19 January 2024 an agreement to construct a sulfuric acid plant in the Suzak district of the Turkistan Region.

    This plant, designed to produce 800,000 tons of sulfuric acid annually, will supply Kazatomprom, the national uranium company. Samruk-Kazyna, a sovereign wealth fund, was established to enhance the competitiveness and sustainability of the national economy. It manages shares of national development companies and other legal entities to maximize their long-term value and competitiveness. Kazatomprom, on the other hand, is the national operator for the import and export of uranium, rare metals, and nuclear fuel for nuclear power plants.

    The construction of the sulfuric acid plant is set to commence in 2024, with full operational capacity expected by 2026. This project will significantly contribute to the economic and social development of the Turkistan region, attracting additional investments and generating local tax revenues. It is estimated to create about 800 jobs during construction and will require about 500 workers for its operation. The plant is of strategic importance to Kazatomprom, the world’s largest uranium producer, as sulfuric acid is the main reagent used in its in-situ leach uranium operations. This is particularly crucial as Kazatomprom has recently warned of potential production shortfalls due to sulfuric acid shortages.

  • Kazakhstan Becomes Leader in Uranium Production in 2022

    Kazakhstan Becomes Leader in Uranium Production in 2022

    Samruk Kazyna Chairman Nurlan Zhakupov instructed to increase investment in exploration as he visited the Khorasan-U and Baiken-U companies of Kazatomprom.

    He discussed current reserves with colleagues and urged them to invest in further exploration of deposits.

    “We have reserves that need to be developed,” he wrote on his Twitter account.

    Kazatomprom is the world’s largest uranium producer, with its subsidiaries, affiliates, and joint ventures developing 26 deposits united into 14 uranium mining enterprises.

  • Kazakhstan to hold referendum on first nuclear plant

    Kazakhstan to hold referendum on first nuclear plant

    The energy-rich Central Asian nation’s government has long discussed the idea, citing the need for diversification of the power generation capacity, and even identified a planned location for the facility in the southeastern Almary region and mentioned Russia’s Rosatom as a potential partner.

    But some activists oppose the project because of safety concerns and Kazakhstan’s history as home to the Soviet-operated Semipalatinsk nuclear weapons testing ground.

    “On the one hand, Kazakhstan, as the world’s biggest uranium producer, should have its own nuclear power capacity,” Tokayev said. “On the other hand, many citizens and some experts have concerns about the safety of nuclear power plants.”

    Aidarbek Khojanazarov, chairman of the Respublica Party and one of the six parties in the Mazhilis, emphasized the importance of an extensive public awareness campaign prior to the referendum. He insisted the public should be well-informed about what they will be voting for.

    “To address this issue adequately, one needs expertise. This isn’t a question to be answered emotionally; it requires expert consideration,” Khojanazarov said, as quoted by Kazinform.

    According to Tokayev, further public hearings are needed. The most recent one took place on 22 August in Ulken village in the Almaty Region, a location previously considered “optimal” for a future plant by the government. The hearing, however, was fraught with disputes between local supporters and opposing civic activists.

    Leader in uranium production

    Kazakhstan became the absolute leader in uranium mining, accounting for 42% of global production, with the share of Kazatomprom National Atomic Company constituting 22%, the Samruk Kazyna Sovereign Wealth Fund reported on 29 August.

    Kazatomprom is the world’s largest uranium producer, with its subsidiaries, affiliates, and joint ventures developing 26 deposits united into 14 uranium mining enterprises.