Cameco and partner Kazatomprom have signed an agreement to increase the annual production of their Inkai in-situ uranium mine in Kazakhstan from 3.9 million pounds to 5.2 million pounds.
The mine is operated by Joint Venture Inkai Limited Liability Partnership (JVI), which is jointly owned by Cameco (60%) and Kazatomprom (40%).
Under the memorandum of agreement, signed 31 August, Cameco's share of Inkai's annual production will be 2.9 million pounds with the processing plant at full capacity. The company will also be entitled to receive profits on 3.0 million pounds.
“This agreement allows for increased production at Inkai to the designed capacity of 5.2 million pounds and advances us toward our goal of doubling annual production to 10.4 million pounds,” said Tim Gitzel, president and CEO of Cameco. "Clearly, Inkai will play a significant role in our plan to double uranium production to 40 million pounds by 2018."