Cameco (CCJ) said Thursday that its joint venture with Kazatomprom, Joint Venture Inkai suspended uranium production operations as of Wednesday.
The decision was made after JV Inkai failed to receive an extension to submit updated Project for Uranium Deposit Development documentation to Kazakhstan's Ministry of Energy by the year-end deadline.
Cameco, which holds a 40% stake in the JV, said it previously received information from JV Inkai and Kazatomprom that the process to submit the updated project documentation "was underway and a positive outcome was expected" and the reports from Dec. 26 did not "mention of a production suspension being a risk in relation to this process."
Cameco said it will be seeking further clarification and its potential impacts on production and financials for 2025 and 2026 and what it can do "to help Kazatomprom and JV Inkai restart mining operations."
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