Inkai JV, a uranium deposit in Turkestan region, developed by Kazatomprom and Canada’s Cameco, recorded a revenue of $476.3m in 2022 with an annual profit of $278.7m. This marks an increase from 2021 when the deposit produced 3,449 tons of uranium products and a total profit of $229m. The Canadian company, Cameco, has a 40% stake in the JV, with Kazatomprom owning the remaining 60%. Cameco’s 2022 dividends from the JV were $92.4m. Cameco was to purchase 4.2 million pounds, or roughly 1,615 tons of uranium from Inkai in 2022 under a 2016 restructuring agreement with Kazatomprom. Overall, the company purchased 18.3 million pounds of uranium in 2022, at an average of $39.45 per pound, including guaranteed buybacks and ongoing long-term purchases. Inkai’s uranium production is expected to be 8.3 million pounds in 2023. Cameco also noted that Inkai’s 2023 cash cost of production is expected to rise above the average previously estimated at $8-9 per pound for the mine’s life cycle costs due to inflationary pressures and supply chain challenges in Kazakhstan.
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