Kazakhstan’s national atomic company Kazatomprom on Monday refuted information regarding the privatisation of some of its assets, including its drilling subsidiary and uranium mining asset.
The company was commenting on a draft resolution from the Kazakhstan government posted for public discussions, which included an updated list of companies to be privatised under a government privatisation plan. These included Kazatomprom's drilling subsidiary Volkovgeologiya, the company's provider of security services Qorgan Security, and KAP's uranium mining asset, Budenovskoye.
“The information is incorrect and not aligned with the company's established disclosure protocols and governance process,” Kazatomprom said in a statement.
“The management team and board of directors have initiated discussions with the appropriate state authorities to retract the incorrect privatization list and address the Company's serious concerns regarding the unacceptable overstep into Kazatomprom's business as a publicly listed company,” the group stated.
Kazatomprom also noted that, in accordance with current legislation, its share in Budenovskoye could not be less than 50% (currently at 51%).
Further, addressing media reports regarding a meeting between representatives from Kazakhstan and the Russian State Atomic Energy Corporation Rosatom (Rosatom) which indicated that Rosatom was interested in further investment in Kazakhstan's uranium mining industry, Kazatomprom said that its board would ensure appropriate governance was in place to protect minority shareholders.
The firm stated that any changes affecting the current structure of the asset portfolio must adhere to current legislation of Kazakhstan, existing practices of corporate governance, Kazatomprom's strategic objectives, and current restrictions related to international sanctions.