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27 January 2009
ARMZ Consolidates 100% of Uranium Mining Assets of the Russian Side in Kazakhstan
The Russian government owned company JSC Atomredmetzoloto (Uranium Holding ARMZ) entered into the agreement as a result of which it will consolidate the ownership of 100% of the uranium mining assets of the Russian side in Kazakhstan as part of the implementation of the intergovernmental Russian-Kazakh Comprehensive Program of Cooperation in the Use of Nuclear Power for Peaceful Purposes which is carried out jointly with the NNC Kazatomprom pursuant to the instruction of the presidents of the two countries.
In particular, ARMZ acquires assets from Effective Energy N.V. (a company owned by V.V. Anisimov, a co-owner of Metalloinvest Holding), the owner of a 50% Russian interest in LLP Karatu and 25% of the Russian stake in JSC JV Akbastau.
For Information:
JSC Atomredmetzoloto is a company controlled by the State Nuclear Power Corporation Rosatom. The Comprehensive Program of the Russian-Kazakh Cooperation in the Use of Nuclear Power for Peaceful Purposes provides that the joint ventures of ARMZ and Kazatomprom will reach the aggregate annual uranium production in Kazakhstan of about 6 thousand tons.
LLP Karatau has already reached the stage of commercial production: in 2008 it extracted 653 tons of uranium. JV Zarechnoye in 2008 mined 166 tons, and JV Akbastau will start mining in 2009.
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