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Highlights:
- Kazatomprom has been awarded an exclusive subsoil use license for uranium exploration at the Severnoye block in the Budenovskoye deposit.
- The block is estimated to contain over 100,000 tonnes of uranium resources, with high potential for future growth.
- This move strengthens Kazakhstan’s position in the global uranium market, contributing to energy security and economic development.
National Atomic Company Kazatomprom JSC ("Kazatomprom" or "the Company") has successfully obtained the subsoil use license for uranium exploration at the "Severnoye" block of the Budenovskoye deposit, situated in the highly prospective Shu-Sarysu uranium province in the Suzak district of Kazakhstan’s Turkestan region. The exclusive license, granted for a period of 6 years, includes an option for a 5-year extension. This new project is a significant step for Kazatomprom as it looks to expand its uranium exploration activities and further cement its role as a global leader in the uranium market.
Kazatomprom’s Chief Executive Officer, Meirzhan Yussupov, emphasized the potential of the Severnoye block, stating that the favorable geological conditions and proximity to existing infrastructure provide a unique opportunity for long-term successful development. He added, "We’re confident that this project will be an important stage in the development of the uranium industry in Kazakhstan and will significantly contribute to creating long-term value."
Preliminary resource estimates indicate that the Severnoye block contains over 100,000 tonnes of uranium in the inferred P1 and P2 categories. These resources are seen as highly promising, and Kazatomprom intends to update and refine these estimates to convert them into more precise C1 and C2 categories. This conversion will maximize the block’s potential and enhance the Company's long-term strategic goals.
Kazatomprom plans to conduct detailed exploration in the coming years, working to better understand the full extent of the uranium deposit and ensure its development aligns with the company's broader growth objectives. The project’s strategic importance is underscored by Kazakhstan’s growing role in the global nuclear energy market, driven by increasing demand for uranium as a critical component of nuclear fuel for energy production.
Kazatomprom's uranium exploration efforts come at a time when global demand for uranium is on the rise, fueled by the expansion of nuclear energy programs worldwide. As the largest producer of uranium globally, Kazakhstan plays a pivotal role in ensuring energy security for nations that rely on nuclear power.
The Severnoye block is located in an area that has long been recognized for its rich uranium deposits. Its development will not only provide an important source of uranium but also help strengthen Kazakhstan’s competitive position in the global market. By advancing exploration and securing additional resources, Kazatomprom is helping to reinforce the sustainability of its operations and contribute to the economic growth of Kazakhstan.
As part of its broader resource replenishment program, Kazatomprom continues to focus on expanding and upgrading its uranium resource base, ensuring long-term supply to meet the needs of a rapidly changing global energy landscape.
