Kazatomprom suspends uranium production at Inkai joint venture with CamecoKazakhstan's national atomic company Kazatomprom has suspended uranium production at its joint venture with Canada's Cameco—JV Inkai LLP (Block 1)—effective January 1, 2025, according to a statement from Cameco.According to the statement, Kazatomprom notified its Canadian partner about the suspension."We are disappointed and surprised by this unexpected suspension and we will be seeking further clarification on how this transpired, as well as the potential 2025 and 2026 production and financial impacts (including on future dividends), and what Cameco can do to help Kazatomprom and JV Inkai restart mining operations," the company said.Kazatomprom explained that JV Inkai failed to secure the required approvals from Kazakhstan's competent authorities to continue uranium production due to delays in submitting the necessary documentation.Kazatomprom noted that under the requirements of Kazakhstan's Subsoil and Subsoil Use Code, mining operations can only proceed with an approved field development project."However, on 30 December 2024, JV Inkai LLP had not received the necessary approvals from the relevant state authorities as initially expected due to delayed submission of the required documentation. Therefore, to comply with current legislation, JV Inkai LLP has temporarily suspended mining operations," Kazatomprom stated.Kazatomprom expects JV Inkai LLP to submit the required documents to the Ministry of Energy within the next two weeks, after which the situation is expected to be resolved."The company estimates that this issue will not have a significant impact on Kazatomprom's 2025 production plans. Kazatomprom remains committed to fulfilling its contractual obligations to all customers and has sufficient inventory to ensure timely uranium deliveries throughout 2025," the national company stated.However, Cameco noted that "reports it received as recently as December 26, 2024, made no mention of a production suspension being a risk in relation to this process."JV Inkai LLP conducts uranium extraction using the in-situ recovery method at the Inkai deposit in the Turkestan region. Kazatomprom owns 60% of the shares, while Cameco holds 40%.Kazatomprom is Kazakhstan's national operator for the export of uranium and its compounds, rare metals, nuclear fuel for nuclear power plants, and specialized equipment. It is managed by Samruk-Kazyna Sovereign Wealth Fund (62.99% of shares) and Kazakhstan's Ministry of Finance (12.01%). The remaining 24.32% is free float. (ICE ALMATY)

Fonte notizia: INTERFAX