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World Nuclear News reported that Kazakh uranium mining company KazAtomProm has inked a contract with India’s Department of Atomic Energy to supply 5,000 tonnes of uranium over a four-year period.
World Nuclear News reported that Kazakh uranium mining company KazAtomProm has inked a contract with India’s Department of Atomic Energy to supply 5,000 tonnes of uranium over a four-year period.
As quoted in the market news:
The contract was signed by KazAtomProm CEO Askar Zhumagaliyev and DAE head Anil Shrivastava during a meeting between Kazakh president Nursultan Nazarbayev and Indian prime minister Narendra Modi in Astana yesterday.
In a statement, KazAtomProm said the contract will be valid until the end of 2019, by which time it will deliver 5000 tonnes of natural uranium to India. It added, in accordance with the terms of the agreement, the value of the uranium will “depend on market mechanisms”.
The governments of India and Kazakhstan signed an agreement on cooperation in peaceful uses of nuclear energy in April 2011. The agreement followed a memorandum of understanding (MOU) signed by the two countries in 2009. That MOU provided for Kazakhstan to supply uranium to India and also expressed Kazakh interest in possible nuclear power projects based on Indian pressurized heavy water reactor designs.