Astana, 23 October. Kazatomprom's board of directors has called an extraordinary general meeting of shareholders by absentee vote with a single item: a contract to supply natural uranium (U₃O₈) to Uranium One Group JSC, a subsidiary of Rosatom; on 7 October shareholders did not approve the contract.
According to the company, technical changes have been made to the contract that do not affect its essential terms. The shareholder register will be drawn up on 17 November, ballots will be accepted from 25 November to 9 December until 18:00, and results will be announced on 10 December. At the first meeting, holders of 99.21% of voting shares took part, of whom 88.34% abstained and only 5.39% voted in favour. At the same meeting shareholders approved a spot-term contract to supply uranium concentrates to China's State Nuclear Uranium Resource Development Company Limited.
Kazatomprom's shares are traded on the Kazakhstan Stock Exchange and the London Stock Exchange.
What it means: The contract with the Russian uranium company failed to get enough votes the first time because almost all shareholders abstained, and the company is trying again after changing technical details.
Who benefits: Uranium One gets uranium supplies and Kazatomprom gets sales. The source does not say how shareholders who abstained the first time will act.
Background: Uranium One and Kazatomprom agreed on uranium supplies earlier; the contract terms have not been made public.
List of sources used: QazTrading
Artificial intelligence was used in preparing this material.
