Russia Sells Entire Stake in Kazakhstan's Uranium Deposits to China

Kazakhstan's state-controlled nuclear resources company announced on Tuesday that Russia's state-owned Rosatom corporation is selling its stakes in large uranium deposits that it had been developing in partnership with the world's largest uranium producer, The Caspian Post reports citing Reuters.

Kazatomprom said that Rosatom unit, Uranium One Group, had sold its 49.979% stake in the Zarechnoye mine to SNURDC Astana Mining Company Limited, whose ultimate beneficiary is China's State Nuclear Uranium Resources Development Company.

Uranium One Group is also expected to give up 30% in the Khorasan-U joint venture to China Uranium Development Company Limited, the ultimate beneficiary of which is China General Nuclear Power Corporation (CGN, China), Kazatomprom said.

Kazatomprom's stakes will remain unchanged, it said.

Zarechnoye's uranium reserves amounted to approximately 3,500 tons at the beginning of 2024, according to Kazatomprom.

Khorasan-U operates at the Kharasan-1 block of Severny Kharasan deposit in the Zhanakorgan district of the Kyzylorda region. Uranium reserves of the deposit amounted to about 33,000 tons at the beginning of 2024, with an expected maturity in 2038, Kazatomprom said.

Rosatom did not immediately comment. Uranium One produced 4,831 tons of uranium in Kazakhstan in 2023.

Kazatomprom is the world's largest producer of uranium and has the largest reserve base. It accounted for approximately 20% of global primary uranium production in 2023.