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Kazakhstan unrest dims Uranium One shares 40%

Kazakhstan unrest dims Uranium One shares 40%’Misunderstanding’ swirls about stake in Kazakh mine: CEOPeter Koven, Financial Post May 28, 2009

A political flare-up in Kazakhstan’s uranium sector has prompted new investor concerns about an authoritarian country that the world is relying on to provide much of its nuclear fuel in the future.

Yesterday, the government accused Mukhtar Dzhakishev, the former head of state-owned uranium miner Kazatomprom, of illegally selling stakes in uranium deposits to foreign companies……………………………..

The broader issue is that the arrest and the accusations, which came out of nowhere, reinforce the fact the political risk in Kazakhstan remains enormous for mining companies.

Uranium deposits are usually considered strategic by host countries, which makes it difficult for uranium miners such as Cameco Corp. to access most markets. As a result, they have flocked to Kazakhstan, which has emerged as a huge uranium hotbed in the past decade.

May 30, 2009 - Posted by Christina Macpherson | business and costs, Kazakhstan | antinuclear, nuclear, radioactive, uranium