AREVA and Kazatomprom have signed an agreement to launch the industrial phase of a joint uranium production project in Kazakhstan. After three years of successful operation of a pilot uranium production plant at the Muyunkum deposit in southern Kazakhstan, KATCO, their jointly-owned company will now work on detailed engineering design studies followed by the construction of installations at a production site. Initial industrial production should begin by the end of 2005 and capacity will increase gradually to 1500 tonnes per year. AREVA will initially market all the produced uranium. Starting production of the deposit provided by Kazatomprom will represent an investment of approximately USD 90 million financed by AREVA. This demonstrates the AREVA Group’s commitment to pursue its strategy for diversifying its sources of supply for uranium. The economic future of the project is ensured thanks to strong demand and rising prices for uranium concentrate.
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