Kazatomprom owns a 60% stake in JV Inkai. Credit: Kazatomprom National Atomic Company.

JV Inkai, which is majority-owned by Kazakhstan’s national uranium producer Kazatomprom, has temporarily suspended production at block No. 1 of the domestic Inkai uranium deposit.

Effective from 1 January 2025, the halt comes as JV Inkaia waits for approval for its updated Project for Uranium Deposit Development Documentation (project documentation).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

On 31 December 2024, JV Inkai formally notified Cameco that it had not received the expected extension to the timeline to submit its updated project documentation for Uranium Deposit Development, which was due before the end of 2024.

The extension was not received as expected due to the delayed submission of required documentation to the country’s Ministry of Energy.

As a result, the joint venture (JV) decided to halt operations by 1 January 2025 to prevent any breach of local legislation.

Kazatomprom owns a 60% stake in JV Inkai while Canadian uranium producer Cameco has 40% interest.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The decision to pause operations aligns with the legal framework in Kazakhstan, which mandates that subsoil use operations can proceed only with an approved field development project.

Despite this production halt, Kazatomprom does not foresee any significant impact on its production plans for 2025.

JV Inkai is expected to submit the required documentation to the Ministry of Energy within the next few weeks.

In a press statement, Cameco said: “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.”

In August 2024, Kazatomprom revised its 2024 production guidance upwards from 21,000-22,500 tonnes (t) of uranium to 22,500-23,500t, reflecting an increase of 5% in the second quarter of 2024 compared to the same period in the previous year.