Uranium One Provides Kazakhstan Update
12:32 PM ET, May 27, 2009
VANCOUVER and JOHANNESBURG, May 27, 2009 (Canada NewsWire via COMTEX) --
Trading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg
Stock Exchange)
With respect to recent media reports regarding Uranium One's Kazakh assets, the Company is aware that the Kazakh authorities are conducting an investigation into certain of the activities of Kazatomprom, the Kazakh state-owned uranium mining company. The terms of reference of this investigation have not been disclosed but the Company and its Kazakh joint ventures are cooperating with the Kazakh authorities in their investigation.
Recent media reports have indicated that Uranium One's interest in the Kyzylkum joint venture may be one of the matters which the Kazakh authorities are investigating. Uranium One's Kazakh assets were acquired in November 2005 from a group of Kazakh investors by UrAsia Energy Ltd., which became a subsidiary of Uranium One in April 2007. UrAsia paid full value for these assets, including $75 million for its 30% interest in Kyzylkum, which operates the Kharasan uranium project, and $350 million for its 70% interest in the Betpak Dala joint venture, which operates the Akdala and South Inkai mines.
UrAsia's acquisition of these assets, as well as Uranium One's subsequent acquisition of UrAsia, were completed in accordance with the requirements of Kazakh law, and both transactions were approved by the Kazakh authorities. Since November 2005, Uranium One has provided loans of more than $119 million to its Kazakh joint ventures to assist in the development of these assets. Operations at Uranium One's Kazakh projects are continuing and production remains in line with the Company's guidance for the year.
Senior officials of Uranium One have requested a meeting with the new administration of Kazatomprom next week in Kazakhstan. The Company will provide further updates as additional information becomes available.
Cautionary Statement
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