Kazakhstan national operator Kazatomprom on Friday announced that it would sell a 49% interest in Ortalyk to China General Nuclear Power Corporation (CGNPC) for $435-million.
The sale and purchase agreement, signed on Thursday, followed a cooperation agreement between Kazatomprom and CGNPC entered late last year.
Under that agreement, 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 would be purchased by CGNPC, in exchange for Kazatomprom agreeing to sell to CGNPC or its affiliates, a 49% interest in Ortalyk.
Kazatomprom would retain a controlling 51% interest in Ortalyk. Each partner would purchase a proportionate share of uranium production from the operation according to interest.
The transaction is subject to conditions, and governmental and legislative approvals, and is expected to close by 30 June 2021.