MONTHLY URANIUM EXPLORATION UPDATE
JUNE 2023
Russia Uranium Deal Caused Manager Exodus at Kazakh Mining Giant
Source: Financial Post The sale of a stake in a massive new uranium mine to Russia prompted an exodus of senior managers at Kazakhstan’s state-run miner.The deal for part of the Budenovskoye mine, projected to become the world’s biggest source of the radioactive metal, to Russia’s nuclear power monopoly, Rosatom, went through at the end of last year, according to people familiar with the matter. The deal was pushed by Kazakhstan’s sovereign wealth fund against the wishes of the leadership at miner Kazatomprom, the people said, asking not to be identified discussing a sensitive matterA fleeting reference to the change of ownership was made in Kazatomprom’s 2022 financial overview in March and its annual report in April, though Rosatom wasn’t identified as the buyer.Through its wealth fund, the Kazakh government holds 75% of Kazatomprom, which trades […]
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