Cameco Corporation announced that its Joint Venture Inkai LLP (JV Inkai) in Kazakhstan suspended all production activity as of January 1, 2025. This suspension occurred because JV Inkai did not receive an expected extension for submitting updated Project for Uranium Deposit Development documentation to the Ministry of Energy.
Kazatomprom, the majority owner and controlling partner of JV Inkai, directed the halt of operations on December 30, 2024, to prevent potential violations of Kazakhstan legislation. Cameco, which holds a 40% interest in JV Inkai, expressed disappointment and surprise regarding the unexpected suspension.
Cameco is seeking further clarification on the circumstances leading to the suspension and is assessing the potential impacts on 2025 and 2026 production, financial results, and future dividends. The company is also exploring ways to assist Kazatomprom and JV Inkai in restarting mining operations.
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