Kazatomprom sells a share in JV Rare Metal Company

JSC NAC Kazatomprom announces sale of 51% participatory interest in the charter capital of JV Rare Metal Company LLP.

Electronic reversed auction starts on December 21, 2016 at 11:00, Astana time, at the web-portal of the State Property Register www.gosreestr.kz. The starting price for a 51% participatory interest in the charter capital is KZT 98,673,000.

Auction will take place in compliance with the Unified Rules of Assets Sale and Restructuring by the JSC «Sovereign Wealth Fund «Samruk-Kazyna» and organizations where over fifty percent of voting shares (participatory interests), directly or indirectly, are beneficially owned by JSC «Samruk-Kazyna», approved by the decision of the Board of Directors of JSC «Samruk-Kazyna» and the Regulation for Electronic Auction for sale of property at the website of the State Property Register.

In the beginning of its activity, JV Rare Metal produced and sell rare and rare earth metals, REM products. Today, JV KT Rare Metal Company LLP is engaged just in project «Construction of the wind power plant (WPP) «Fort-Shevchenko» with the capacity of 42.9 MW in Tupkaragan district of Mangistau oblast».

For WPP construction, the land plot of 190 ha square was rented for 49 years, technical conditions and approvals were obtained to connect WPP to the power grid. Under the order of the UN Development Program, within the year, wind measurements were taken at 50m height at WPP site, topographic works and geotechnical surveys were conducted, and conceptual draft was developed. 

It should be noted that this project is included into the Resolution of the Government of the Republic of Kazakhstan «About approval of the Action Plan for development of alternative and renewable energy in Kazakhstan for 2013-2020».

Draft FS is at its conclusion stage in the State Expertise. After the expertise, the potential buyer may sign a long-term contract with LLP «Accounting and Finance Center for support of renewable energy sources» for a guaranteed sale of electrical power at a fixed rate 24 KZT/kWh (http://www.rfc.kegoc.kz/tarif/).

Sale of subsidiary and affiliated organizations is carried out pursuant to the Transformation Program, to increase the value of NAC Kazatomprom JSC by disposing non-core assets and focusing on a nuclear sector. 

For some years already, Kazatomprom has been optimizing its corporate structure. In the current year, the atomic company removed 20 non-core assets from its structure reducing the number of subsidiaries and affiliates to 55.