Kazatomprom sells share of subsidiary to CGN

27 April 2021

Kazakhstan National Atomic Company Kazatomprom on 22 April signed a Sale and Purchase Agreement (SPA) for the sale of a 49% share of Ortalyk to a subsidiary of China General Nuclear Power Corporation (CGNPC), subject to conditions and governmental approvals.

Under the Kazatomprom-CGNPC cooperation agreements, the parties agreed to construct a fuel assembly plant (Ulba-FA) at the Ulba Metallurgical Plant. CGNPC provided a guarantee that Ulba-FA’s production will be purchased by CGNPC, in exchange for Kazatomprom agreeing to sell to CGNPC or its affiliates, a 49% interest in its wholly owned subsidiary, Ortalyk. The 49% share has been valued at approximately $435 million.

The Transaction is subject to conditions, governmental, and legislative approvals, and is expected to close by 30 June. Upon completion, Kazatomprom will retain a controlling 51% interest and CGNPC or its affiliates will acquire a 49% interest in Ortalyk, with each partner purchasing a proportionate share of uranium production from the operation according to interest.

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