Toshiba in Kazakhstan uranium project

31 August 2007

A new uranium development project in southern Kazakhstan is to include Toshiba.

Promoted by Kazatomprom, a Kazakhstan state-owned enterprise, test excavation of uranium ore is due to start within the year, and output is expected to reach approximately 5000 tonnes of uranium a year by 2014.

The Kharassan uranium mines project is being promoted by two KAP-related companies, Kyzylkum and Baiken-U and Toshiba will acquire an indirect ownership interest in the companies by taking a 22.5% stake in a holding company - jointly owned by Marubeni Corp, Tokyo Electric Power Co, Chubu Electric Power Co, and Tohoku Electric Power Co - that has part ownership and control.

The move will give Toshiba the right to a maximum of 600 tonnes from the Kharassan project each year. Japanese companies have acquired indirect ownership interests in Kyzylkum and Baiken-U and will have the right to obtain up to an aggregate annual quantity of 2000 tonnes annually.

In related news Toshiba has signed a share-transfer agreement with uranium supply company Kazatomprom, under which Kazatomprom will become an indirect minority shareholder in Westinghouse.

Under the terms of the deal Toshiba will transfer 10% ownership of Westinghouse's holding companies to Kazatomprom, at a price of $540 million. Toshiba will continue to control Westinghouse, owning 67% through holding companies.

Toshiba and Kazatomprom plan to transfer these shares in about a month, upon completion of necessary regulatory procedures in the relevant countries.

Japan and Kazakhstan signed a memorandum of cooperation in nuclear power in August 2006.

Related Articles
TVA to evaluate MOX use at two plants

Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.