Considering both the near term uranium market challenges and the favorable investment climate in the Republic of Kazakhstan, the Canadian corporation «Cameco» and Kazatomprom plan to extend their mutually beneficial cooperation until 2045.

The agreement, signed at Foreign Investment Council (FIC) in Astana, determines the further development of joint projects for the next 30 years, particularly, providing for the extension of the contract for subsoil use, as well as increasing the share of Kazatomprom in «JV «Inkai» from 40% up to 60%.

As the Chairman of the Board of JSC «NAC «Kazatomprom» Askar Zhumagaliev noted: «Kazatomprom and Cameco have, for many years now, been engaged in a highly cooperative and mutually beneficial relationship where commitments have always been upheld. Therefore, we intend to further expand our partnership, balancing the economic interests».

«This agreement strengthens our partnership with another global leader in uranium mining and moves both Cameco and Kazatomprom closer to realizing the full potential of their investment in JV Inkai», said Cameco president and CEO Tim Gitzel. «For Cameco, the agreement advances our strategy of building on our low-cost production assets that helps to mitigate the risk of today’s uncertain uranium market and positions us to maximize returns when the market recovers».

The agreement includes provisions that would make Cameco’s proprietary uranium refining technology available to Kazatomprom on a royalty-free basis, and grants Kazatomprom a five-year option to license Cameco’s proprietary uranium conversion technology for purposes of constructing and operating a UF6 conversion facility in Kazakhstan as well as the option to obtain UF6 conversion services for Kazatomprom at Cameco’s Port Hope facility for a period of 10 years and receive other commercial support.

Cameco and Kazatomprom will complete a feasibility study for the purpose of evaluating the design, construction and operation of a uranium refinery in Kazakhstan. The parties have agreed that the decision to build a refinery will be made on the results of the feasibility study (FS).

Cameco Corporation, with its head office in Saskatoon, Saskatchewan, is one of the world’s largest uranium producers, providing approximately 16% of world uranium production, a significant supplier of conversion services and one of two CANDU fuel manufacturers in Canada. Cameco’s mining operations are located in Canada, the United States and Kazakhstan. The company’s uranium products are used to generate electricity in nuclear energy plants around the world, providing one of the cleanest sources of energy available today. Cameco’s shares trade on the Toronto and New York stock exchanges. In Kazakhstan, Cameco partners with national atomic company Kazatomprom in Joint Venture Inkai.

The Joint Stock Company National Atomic Company “Kazatomprom” is the national operator of the Republic of Kazakhstan, for import and export of uranium, rare metals, nuclear fuel for power plants, special equipment and dual-purpose materials. 100% of Kazatomprom’s stock is held by the government under the National Welfare Fund Samruk-Kazyna. Kazatomprom presently employs over 26,000 workers and is one of the world's leading uranium mining companies.
 

JSC «NAC «Kazatomprom»