By Denny Jacob
Cameco said the Kazakh national nuclear-fuel producer told it production at their joint venture uranium mine has been suspended.
The Canadian uranium company said Inkai, a joint venture with partner National Atomic Company Kazatomprom JSC, on Dec. 31 informed the company that it hadn't received an extension on the timeline to submit its updated documentation for project for uranium-deposit development, an extension that was expected prior to the end of 2024.
Cameco said Kazatomprom told it the extension wasn't received as expected due to the delayed submission of the necessary documentation to the Ministry of Energy. As majority owner and controlling partner of the joint venture, Kazatomprom directed Inkai to plan for a halt of operations as of Jan. 1 to avoid potential violation of Kazakh law, it added. Kazatomprom holds a 60% interest in Inkai, while Cameco owns a 40% share.
Cameco said reports it received as recently as Dec. 26 made no mention of a production suspension being a risk in relation to this process.
"We are disappointed and surprised by this unexpected suspension and we will be seeking further clarification on how this transpired, as well as the potential 2025 and 2026 production and financial impacts (including on future dividends), and what Cameco can do to help Kazatomprom and JV Inkai restart mining operations," Cameco said.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 02, 2025 07:10 ET (12:10 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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