Rosatom transferring stakes in three uranium JVs with Kazakhstan to Russian entity

ALMATY. Feb 28 (Interfax) - Russia's Rosatom is transferring stakes in three uranium joint ventures with Kazakhstan to a Russian entity.

Kazakhstan's government has passed a resolution allowing the disposal of stakes in three uranium enterprises in favor of Uranium One Group, which is part of Rosatom's Uranium One.

The resolution dated February 23, 2023 is published in the Paragraph Online System.

"Uranium One Netherlands B.V. has been allowed to dispose of a 50% stake in Karatau Limited Liability Partnership in favor of Uranium One Group Joint Stock Company," the resolution reads.

The resolution allows Uranium One Utrecht B.V. to dispose of its 30% share in Khorasan-U Joint Venture Limited Liability Partnership in favor of Uranium One Group Joint Stock Company.

The document also allows Uranium One Rotterdam B.V. to dispose of a 70% stake in Joint Venture Southern Mining and Chemical Company Limited Liability Partnership in favor of Uranium One Group Joint Stock Company.

"The deals will be carried out within the Uranium One group to optimize the corporate ownership structure of uranium mining assets," Uranium One said. "This will simplify the asset management system and increase the transparency and speed of management processes. As part of these transactions, there are no plans to sell shares in these assets to third parties, so the structure of the ultimate beneficiaries and their stakes in the assets will not change, and the economic environment for the joint ventures and their commitments to third parties will be fully preserved," it said.

Uranium One manages Rosatom's foreign uranium mining assets.

Uranium One says on its website that in Kazakhstan, the company holds a 70% stake in JV Southern Mining and Chemical Company LLP, which operates the Akdala and South Inkai projects; 50% of JV Karatau; 30% of JV Khorasan-U LLP, which operates the Kharasan uranium mine; and 50% of JV Akbastau and 49.67% of JV Zarechnoye, which operate the Akbastau and South Zarechnoye mines, respectively.

Kazakhstan's national nuclear company Kazatomprom is the co-owner.