The mine was expected to contribute 4% of global uranium production this year
Cameco Corp. kicked off the new year with a surprise for its investors: Its joint-venture mine in Kazakhstan suspended production without warning. “We are disappointed and surprised by this unexpected suspension and we will be seeking further clarification on how this transpired,” Cameco said in a press release on Thursday.
The Saskatoon-based company owns 40 per cent of the mine through Inkai LLP; Kazatomprom JSC, the national atomic company of Kazakhstan, owns the other 60 per cent.
Cameco attributed the closure to “the delayed submission” of certain documents to Kazakhstan’s ministry of energy. It said Inkai did not receive an extension, so Kazatomprom on Dec. 30 directed the joint venture to plan to shut down the mine in January in order to not violate Kazakhstan legislation.
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