Kazatomprom says had no joint uranium exploration or mining projects with Canada's Laramide

ASTANA. Jan 22 (Interfax) - Kazakhstan's national atomic company, Kazatomprom, has issued an official statement denying any past or present joint ventures, contractual relationships, or projects with Canadian firm Laramide Resources Ltd or its local partner Aral Resources Ltd.

Kazatomprom said licenses held by Aral Resources, with which Laramide had its option agreement to explore a 5,500-square-kilometer area, were for solid minerals and did not confer exclusive rights to any potential uranium resources.

"Kazatomprom historically held the priority right to uranium extraction in the Republic of Kazakhstan," the company said in an official statement released on Thursday. "Accordingly, when third parties initiate uranium exploration activities, such subsoil users are aware of the regulatory limitations related to any potential transition to uranium mining."

Kazatomprom further noted that over the past three years, it has significantly expanded its portfolio of new geological exploration projects, expecting to identify substantial additional uranium resources to secure reserves for decades to come. "Subsoil use rights to these prospective sites belong exclusively to Kazatomprom," the company said.

"In this regard, Kazatomprom considers certain statements made in the public domain to be inaccurate and not consistent with the facts," it said.

Earlier, Laramide said it was dropping its option on the Chu-Sarysu basin project after Kazakhstan amended its Subsoil Code. The changes guarantee Kazatomprom a stake of at least 75% in projects seeking uranium exploration licenses, up from 50% previously. Laramide said the move "significantly diminished" the economic appeal of any new uranium deposits found in the country by parties other than the state giant.

Kazakh President Kassym-Jomart Tokayev signed a law on amendments to the republic's Subsoil Code at the end of 2025, which, in particular, secure at least a 75% stake for Kazatomprom in projects aspiring for uranium exploration licenses, compared with to 50% earlier.

Kazakhstan is the world's largest uranium producer, accounting for roughly 40% of global output. Kazakhstan's largest uranium-producing basins, the Chu-Sarysu and Syr-Darya, are located in the country's south and account for over 75% of its national uranium output.

Laramide Resources Ltd. is a uranium exploration and development company with assets in Australia and the western United States. Its portfolio consists of premium uranium projects in regions with a history of mining or high geological potential. The company is headquartered in Toronto, Canada, and its shares are listed on the Toronto Stock Exchange, the Australian Securities Exchange, and over-the-counter markets.

Kazatomprom is engaged in uranium mining, rare metal processing, and the production and sale of beryllium and tantalum products. All of its output is exported. The company is state-controlled, with the Samruk-Kazyna sovereign wealth fund holding 62.99% and Kazakhstan's Finance Ministry holding 12.01% of its shares.