Kyrgyz Government, EDB and Renova Group to Build Uranium Complex

On Thursday, during the official visit of Russian President Dmitry Medvedev to Bishkek, a Memorandum of Intent was executed by the Government of the Kyrgyz Republic, the EDD and Renova Group. This document was signed by Saparbek Balkibekov, Minister of Industry, Energy and Fuel Resources; Igor Finogenov, Chairman of the EDB Executive Board; and Viktor Vekselberg, Head of Renova Group.

In this Memorandum, the parties declared their intention to co-operate under a long-term project to build and develop a modern uranium processing complex capable of producing yellow cake, based on an ore mining and processing works in Karabalta, the Kyrgyz Republic.

It is envisaged that the Kyrgyz Government will provide state support to the Karabalta works, including the restructuring of its debt on national taxes, granting it a number of facilities and land plots, and issuing licences and permits required for conducting surveys at new uranium deposits and import and export of raw materials, consumables, equipment and finished products.

Renova Group will prepare strategic programmes and projects to develop the Karabalta works, secure investments in its development, manage its operation, reclaim the land occupied by tailings damps and extract uranium and other minerals from tailings, and address the company’s social problems.

In the event the Kyrgyz Republic joins the EDB, the Bank will contribute to the development of the Karabalta works by providing or arranging financing, including the resources of foreign or international organisations. The Bank also indicated that it is prepared to participate in drafting and assessing strategic development programmes for the works, and to act as financial and investment adviser. These services will be provided in accordance with the constitutive documents and internal regulations of the EDB.