Russia to sell mines of the world's largest uranium producer to China
Illustrative photo: Russia will sell uranium mines in Kazakhstan to China (kazatomprom.kz)
The world's largest uranium producer, Kazakhstan's state-owned company Kazatomprom, has announced the withdrawal of Uranium One Group from joint ventures in the country. Uranium One Group is part of the Russian state corporation Rosatom, Reuters informs.
Kazatomprom is the world's largest uranium producer and holds the largest reserves of uranium. In 2023, it accounted for 20% of the global primary uranium production. However, the company lacks its own uranium processing facilities.
Previously, shares in 6 out of 14 of the company's deposits were owned by Rosatom. However, due to sanctions, the Uranium One Group sold its 49.979% stake in the Zarechnoye mine to SNURDC Astana Mining Company Limited, which is ultimately controlled by a Chinese state-owned company specializing in the development of nuclear uranium resources.
In addition, Uranium One Group will sell its 30% stake in China Uranium Development Company Limited, which is ultimately owned by the China National Nuclear Corporation. It is worth noting that China is the largest buyer of Kazakhstani uranium.
It is also known that, after the sale of stakes, Rosatom will still hold shares in Kazatomprom's deposits, which have total reserves of 255,000 tons. This includes the Budyonovskoye deposit, one of the largest in the world, which Rosatom acquired under an agreement disclosed in 2023.
Earlier, we reported that the US Senate unanimously voted to pass a bill banning the import of enriched uranium from Russia. The document was then sent to the White House for President Biden's signature.
