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Kazakh-Russian enrichment JV completes share sale

Tuesday, 17 March 2020

Kazatomprom announced today it has completed the sale of its 50% interest (minus one share) in Uranium Enrichment Centre JSC (UEC) to its partner in the joint venture, TVEL. The world's biggest uranium producer disclosed the RUB6.253 billion (about USD100 million) transaction with the nuclear fuel manufacturer subsidiary of Russian state nuclear corporation Rosatom in January.

Kazakh-Russian enrichment JV completes share sale — (Image: UEC)

All conditions have now been met, and the transaction has closed, with Kazatomprom receiving payment, Kazatomprom said.

UEC is a joint Kazakhstan-Russian enterprise established in 2006 as part of the implementation of the Comprehensive Programme of Kazakhstan-Russia Cooperation in the Peaceful Use of Atomic Energy. It owns 25% (plus 1 share) of the Ural Electrochemical Integrated Plant JSC in Novouralsk, which is in the Sverdlovsk region of Russia. UEC was the first company with foreign-ownership to hold an interest in a Russian uranium enrichment facility, Kazatomprom said.

TVEL said in January that the transaction would simplify the corporate governance of UEC. In retaining one share of the joint venture, Kazatomprom will continue to be provided with guaranteed access to Russian uranium enrichment services through deliveries by UEC, it added.