28 May (NucNet): Canada-based uranium production company Uranium One says operations at its projects in Kazakhstan are continuing and production remains in line with its guidance for the year.
The company was responding to media reports that authorities in Kazakhstan are investigating some activities of the state-owned uranium mining company Kazatomprom.
Uranium One said yesterday that although the terms of reference of the investigation had not been disclosed, it was cooperating with Kazakh authorities as were its joint venture companies in the country.
Uranium One said it had also asked for a meeting with the new administration of Kazatomprom next week in Kazakhstan.
The company added: “Recent media reports have indicated that Uranium One’s interest in the Kyzylkum joint venture may be one of the matters which the Kazakh authorities are investigating. Uranium One's Kazakh assets were acquired in November 2005 from a group of Kazakh investors by UrAsia Energy Ltd., which became a subsidiary of Uranium One in April 2007.
“UrAsia paid full value for these assets, including 75 million US dollars (USD) (54 million euro) for its 30 percent interest in Kyzylkum, which operates the Kharasan uranium project, and USD 350 million for its 70 percent interest in the Betpak Dala joint venture, which operates the Akdala and South Inkai mines.”
Uranium One said UrAsia's acquisition of assets, including Uranium One's subsequent acquisition of UrAsia, were completed in accordance with the requirements of Kazakh law, and both transactions were approved by the Kazakh authorities.
>>Related reports in the NucNet database (available to subscribers)
Kazakhstan Announces Targets For Increased Uranium Output (News in Brief No. 30, 21 March 2005)
Japanese Partners Take Stake In Canada’s Uranium One (News in Brief No. 19, 11 February 2009)
