Kazatomprom, Mongolia's Mon-Atom to cooperate in uranium production

ALMATY. Oct 30 (Interfax) - Kazakhstan's Kazatomprom and Mongolia's Mon-Atom LLC have agreed on strategic cooperation, Kazatomprom said in a press release on Wednesday.

"During Kazakh President Kassym-Jomart Tokayev's state visit to Mongolia, Kazatomprom and Mongolia's Mon-Atom agreed on strategic cooperation, which will provide new opportunities for the uranium industries of both countries," the press release says.

Kazatomprom CEO Meirzhan Yussupov said the partnership would strengthen the positions of the two companies in the international uranium market.

"The opportunities for implementing joint projects will allow us to combine resources and exchange experience and technologies, which will increase the efficiency and safety of uranium exploration and production. We are committed to the environmentally friendly and safe development of the industry and are confident that this partnership will help to strengthen the positions of Kazakhstan and Mongolia in the international arena," Yussupov is quoted as saying.

New cooperation will create prospects for joint projects in uranium exploration and mining in Mongolia, according Kazatomprom.

"The companies plan to expand cooperation in the future and to consider joint initiatives to strengthen the positions of Kazatomprom and Mon-Atom in the international uranium market," the press release says.

Kazatomprom mines uranium, processes rare metals and produces and sells beryllium and tantalum products, exporting all of its output. Kazatomprom reduced uranium production 1% to 21,112 tonnes in 2023.

Kazatomprom is controlled by the state. It has a 25% free float.