Rosatom Offloads Uranium Stakes to China

Kazakhstan's Kazatomprom announced that Rosatom's Uranium One Group sold its stakes in Kazakh uranium projects to Chinese entities. The divestment includes a 49.979% stake in the Zarechnoye mine and a 30% stake in the Khorasan-U joint venture. Kazatomprom will maintain its current holdings.

Kazakhstan's state-controlled nuclear resources giant, Kazatomprom, announced a significant divestment by Russia's Rosatom on Tuesday. The Russian state corporation's Uranium One Group has sold its 49.979% stake in Kazakhstan's Zarechnoye mine to SNURDC Astana Mining Company Limited, backed by China's State Nuclear Uranium Resources Development Company.

The shift in ownership doesn't stop there, as Uranium One Group is also relinquishing 30% of its stake in the Khorasan-U joint venture. The new beneficiary of this venture is another Chinese entity, the China Uranium Development Company Limited, ultimately linked to the China General Nuclear Power Corporation (CGN).

Despite the shake-up, Kazatomprom's stakes remain unchanged, maintaining its position as the world's leading uranium producer with a significant global market share. The company's reserves amount to about 3,500 tonnes and 33,000 tonnes at Zarechnoye and Khorasan-U respectively, reflecting its dominant reserve base as of early 2024.

(With inputs from agencies.)