The world's largest uranium mining company, 'Kazakh National Energy Company,' stated on the 17th that a Russian state-owned nuclear company is selling its stake in a Kazakh uranium mining operation to a Chinese company. This highlights the increasing influence of China in Central Asia.
According to AFP, the Kazakh National Energy Company said in a statement: 'The Kazakh National Energy Company announces that the Russian partner is exiting part of the joint venture.'
Kazakhstan borders Russia and China, and the Kazakh National Energy Company operates uranium mines in 26 locations within Kazakhstan.
The statement noted that the Uranium One Group, a subsidiary of the Russian state-owned nuclear enterprise, will sell its 49.99% stake in Kazakhstan's Zarechnoye uranium mining project to Astana Mining Company; Astana's parent company is China National Uranium Industry Co., Ltd. The Kazakh National Energy Company will maintain a 49.99% stake.
The Kazakh National Energy Company stated: 'The company welcomes the new partner and wishes both parties success in their cooperation.'
According to the latest data from the World Nuclear Association, Kazakh National Energy Company produced 21,227 tons of uranium in 2022, accounting for 43% of the global total.
In addition, the Russian Uranium One Group also 'expects' to sell its 30% stake in the Khorasan-U and Kyzylkum companies to China National Uranium Industry Development Co. Ltd., whose ultimate owner is China General Nuclear Power Corporation.
The replacement of Russian companies by Chinese companies indicates Beijing's growing influence in this former Soviet state in Central Asia, while Moscow's influence is declining.