AREVA, KAZATOMPROM, Sign Cooperation Agreement

AREVA and KAZATOMPROM signed a major agreement Monday to strengthen their long-standing cooperation in the uranium mining sector in Kazakhstan, the companies announced from Paris.

AREVAThe official signing ceremony took place in Kazakhsan's capitol of Astana in the presence of Energy Minister Kanat Bozumbayev, of the Republic of Kazakhstan, and Philippe Varin, Chairman of the Board of Directors of AREVA. The document was signed by Askar Zhumagaliyev, Chairman of the Board of NAC KAZATOMPROM JSC and Philippe Knoche, chief executive officer of AREVA.

This agreement opens new opportunities for further development and enhancement of effective operations of their joint-venture KATCO, the companies said. AREVA owns 51 percent of KATCO; KAZATOMPROM owns 49 percent.

Philippe Knoche said the agreement would strengthen a 20-year relationship with KAZATOMPROM. “It gives KATCO a new long term perspective with the development of the South Tortkuduk project which will extend its production for the next two decades,” he said.

Thee provisions of the agreement correspond to the tasks set by the Head of State, N. Nazarbayev, to preserve leadership in the uranium mining market and to create a competitive nuclear company in the world,” said Askar Zhumagaliyev in a statement.KAZATOMPROM

The KATCO joint venture was created in 1996. It produces uranium by the method of in-situ recovery at the Muyunkum deposit located in the South-Kazakhstan region.

New AREVA is a spinoff of AREVA, which is in the middle of a massive restructuring after several years of financial losses. The company has 20,000 employees.

NAC KAZATOMPROM JSC is the national operator of the Republic of Kazakhstan for export of uranium and its components, rare metals, nuclear fuel for power plants and special purpose equipment and technologies.

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