Russia Sells Uranium Stakes in Kazakhstan to China

Russia’s nuclear company, Rosatom, is selling its shares in uranium mining operations in Kazakhstan to Chinese companies, highlighting China’s increasing influence in Central Asia. Kazakhstan’s main uranium company.

Kazatomprom, announced the news on Tuesday. Kazakhstan, which shares borders with Russia and China, is home to the world’s largest uranium reserves.

According to the company, Uranium One Group, a subsidiary of Rosatom, sold 49.99% of its shares in Kazakhstan to Astana Mining Company.

This company is controlled by China’s State Nuclear Uranium Resources Development (SNPTC). Kazatomprom will continue to hold its own 49.99% stake in the joint venture.

Additionally, Uranium One Group is expected to sell 30% of its shares in Khorasan-U and Kyzylkum LLP to China Uranium Development Company, owned by China General Nuclear Power Corporation.

Kazatomprom welcomed its new Chinese partners and expressed hope for a successful collaboration. Kazakhstan remains the world’s top uranium producer, accounting for 43% of global production in 2022, with over 21,000 tonnes mined.

This shift from Russian to Chinese involvement shows how China is gaining more power in former Soviet republics while Russia’s influence is decreasing.

Kazatomprom also revealed plans for a major exploration program to locate new uranium deposits. He said it has secured licenses to explore four promising sites, which are estimated to hold more than 180,000 tonnes of uranium.

This move could further strengthen Kazakhstan’s leading position in the global uranium market.

Despite its rich uranium resources, Kazakhstan struggles with power generation. To address this, the country plans to build a nuclear power plant near Lake Balkhash in the south. Companies from China, Russia, France, and South Korea are expected to compete for the project, which could improve Kazakhstan’s energy capacity.

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