1997-1998

Creation of the company

 

January

Russian orders for tablets for nuclear reactors due to a sharp fall of the ruble were under a threat of cuts, since «Kazatomprom» services, fixed in dollar terms, were more than three times expensive than the price of similar services of the Russian enterprises. However, only 25% of the volume of orders was paid in cash and the rest in promissory notes, the market value of which were not more than one third of the nominal value.

February

A production of beryllium and tantalum was stopped. A moral and physical deterioration of fixed assets was reported.

March

There is a brain drain in the company.

July

A National Atomic Company "Kazatomprom" was founded by the decree of the President of the Republic of Kazakhstan, dated from July 14, 1997. The structure of "Kazatomprom" includes exploration company "Volkovgeology", 3 mining departments (Stepnoe, Central, Sixth) and Ulba Metallurgical Plant. A Strategy to overcome the crisis of the nuclear industry has been developed.

September

6-month wage arrears to banks, foreign firms, the budget and extra-budgetary funds. All property is in pledge

December

There is the loss of traditional markets, and as a consequence - the decline in production. Also, there is a prohibition of the sale of Kazakh uranium to the United States because of anti-dumping process. As a result, the cost of production was increased by 2 times.