Cameco says mining operations in Kazakhstan have been suspended for the time being.
In a news release from the company, Cameco said it was informed on December 31 by Joint Venture Inkai (JV Inkai), a company that Cameco owns a 40 per cent share of, that JV Inkai “had not received an extension of the timeline to submit its updated Project for Uranium Deposit Development documentation (Project Documentation), an extension that was expected prior to 2024 year-end.”
Cameco was then informed by National Atomic Company Kazatomprom JSC (Kazatomprom), a partner that owns 60 per cent of JV Inkai, that the reason for not receiving an extension was “due to the delayed submission of the necessary documentation to the Ministry of Energy.”
As a result, Kazatomprom “directed JV Inkai to plan for a halt of operations as of January 1, 2025, to avoid potential violation of Kazakhstan legislation.”
Cameco says it was getting reports as recently as Boxing Day (December 26) that made no mention of production being a risk in relation to the process, which the company thought would produce a positive outcome.
While disappointed, Cameco says it is working with its partners to get further clarification on what transpired, assess future production and financial impacts, including future dividends, and work to restart mining operations.
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