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Kazatomprom announces signing of Ortalyk uranium transaction

Published by , Editor
Global Mining Review,

JSC National Atomic Company, Kazatomprom, has announced the signing of a sale and purchase agreement (SPA) for the sale of a 49% share of Ortalyk LLP to a subsidiary of China General Nuclear Power Corporation (CGNPC), subject to conditions and governmental approvals.

Under previously signed Kazatomprom-CGNPC cooperation agreements, the parties agreed to construct a fuel assembly plant (Ulba-FA) at the Ulba Metallurgical Plant. CGNPC provided a guarantee that Ulba-FA’s production will be purchased by CGNPC, in exchange for Kazatomprom agreeing to sell to CGNPC or its affiliates, a 49% interest in the company’s wholly owned subsidiary, Ortalyk LLP.

On 22 April 2021, the SPA was signed and the parties agreed to the valuation determined by one of the four major international advisory and professional services firms, whereby a 49% share of the operation was assessed a value of approximately US$435 million.

The transation is subject to conditions, governmental, and legislative approvals. It is expected to close by 30 June 2021.

Upon completing the transaction, Kazatomprom will retain a controlling 51% interest and CGNPC, or its affiliates, will acquire a 49% interest in Ortalyk LLP, with each partner purchasing a proportionate share of uranium production from the operation according to interest.

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Chinese mining news