Kazatomprom receives license for uranium exploration at Inkai-Mynkuduk block

ASTANA. Jan 30 (Interfax) - Kazatomprom has obtained a license for uranium exploration at Inkai-Mynkuduk block in the Turkestan region in southern Kazakhstan, the country's national nuclear company said in a press release.

The block is the northern flank of the Inkai deposit located in the Shu-Sarysu uranium province in Suzak district of Turkestan region. The license is granted exclusively to Kazatomprom allowing uranium exploration for the period of six years with a possible five-year extension.

"Exploration of Inkai-Mynkuduk block is an important part of our updated strategy aimed at expansion and efficient use of our mineral resource base, reinforcing the company's sustainable growth. The block's potential marks Inkai-Mynkuduk as a promising asset for long-term development," CEO Meirzhan Yussupov is quoted as saying.

Preliminary data shows that inferred uranium resources in P1 and P2 categories are estimated at more than 20,000 tonnes. Kazatomprom hopes that its exploration efforts will lead to conversion of these resources into C1 and C2 categories, maximizing the block's potential and supporting the company's long-term strategic goals, according to the press release.

Kazatomprom mines uranium, processes rare metals and produces beryllium and tantalum products. The company exports 100% of its output. Kazatomprom is state-controlled, with Samruk-Kazyna holding 62.99% of shares and the Kazakh Finance Ministry owning 12.01%. The free float is 25%.

Kazatomprom increased uranium production 10% in 2024 to 23,270 tonnes, and plans to raise it 7.4%-13.9% to 25,000-26,500 tonnes in 2025.