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UNCL-180712-Mining News-DRAFT Mining in Kazakhstan DIT monthly newsletter July 2020 edition Content I. Mining sector news - Rosatom paid Kazatomprom 7.5 bln rubles for stake in Uranium Enrichment Center - Kazatomprom extends reduced operational activity for another month - Interview with Kazakh Minister of Environment, Geology, Natural Resources, Magzum Mirzagaliyev - KAZ Minerals may see 22% drop in EBITDA to $483 million in H1 – BofA - Central Asia Metals copper production edges up in first half-year - Kazatomprom may postpone commissioning of plant to produce fuel assemblies for Chinese nuclear power plants - Kazakhmys increased copper cathode output 13.7% in H1 - Kazchrome net profit fell by 15.7% in H1 - Steel production in first half year fell 12% - Russian Copper Co to boost investment in Russia 12%, keep it flat in Kazakhstan in 2020 - EuroChem may start construction of a fertilizer plant in Kazakhstan in 2021 - KAZ Minerals’ copper production rises 4% in first half year - Kazatomprom uranium production declines 3.4% in first half-year - Kamaz discussing project for building cast iron plant in Kostanai with Kazakhstan II. Mining events organised by DIT III. Other mining events IV. Points of contact I. Mining sector news Rosatom paid Kazatomprom 7.5 bln rubles for stake in Uranium Enrichment Center MOSCOW. June 30 (Interfax) - Rosatom Group paid Kazakhstan's Kazatomprom 7.544 billion rubles for its stake in joint venture JSC Uranium Enrichment Center (UEC), Atomenergoprom, which consolidates the Russian nuclear group's civilian assets, said in its quarterly report. "In March 2020, the group and NAC Kazatomprom JSC completed a deal to reconfigure their project to cooperate in the area of uranium enrichment. The group acquired 49.999982% of shares in the joint venture JSC UEC from the Kazakh side. As a result, the group increased its equity stake in UEC to 99.999982% and acquired control over this company. The cost of the acquisition was 7.544 billion rubles, the shares were paid for in cash," the report said. At the time of the acquisition UEC's main asset was the Ural Electrochemical Integrated Plant (UEIP), the largest uranium enrichment facility in Sverdlovsk Region. UEC owns 25% plus one share of UEIP, and the other 74.99% is held by United Company RSK, a wholly owned subsidiary of Rosatom's nuclear fuel division TVEL. It was reported in March that TVEL and Kazatomprom concluded a deal in which TVEL consolidated 100% minus one share in UEC. Kazatomprom retained one share in the joint venture. The price of the deal was not disclosed at the time. Kazatomprom said in late January that it planned to sell its stake in UEC for 6.253 billion rubles, which was the equivalent of about $100 million at the time. UEC was a 50-50 joint venture founded by Rosatom's Tenex and Kazatomprom on July 25, 2006. TVEL has held the Russian group's stake in UEC since 2014, the SPARK-Interfax system shows. Kazatomprom extends reduced operational activity for another month ATYRAU. July 7 (Interfax-Kazakhstan) – National Atomic Company Kazatomprom has extended the period of reduced operational activity for an additional month, the company said. "In April, we announced measures to protect our people by reducing the number of employees on sites to minimum possible levels, for a period of three months. Throughout that time, we have followed government restrictions and health advice, however, we believe that the pandemic-related risks still remain too high for a full return of production employees to our sites. We are therefore extending the period of reduced operational activity for an additional month, with the intention of gradually increasing mine site staff levels at the beginning of August, if it is deemed safe to do so," Kazatomprom CEO Galymzhan Pirmatov said. Today's extension of the protection measures for an additional month is not expected to have a material impact on the Company's 2020 production volume guidance (19,000 tU to 19,500 tU on a 100% basis - attributable production between 10,500 tU and 10,800 tU). Kazatomprom's production decisions and contractual obligations are backed by inventory, and the Company will continue to responsibly manage its supply sources, including purchases in the spot market if necessary, in order to meet its sales commitments (unchanged at 13,500 tU to 14,500 tU). Kazatomprom's management team has established a suite of safe operating criteria, which the Company will continue to assess in the coming weeks, prior to implementing any decision to begin a return to normal operating levels. “The return of mining subsidiary production employees for the resumption of mine development activities is then expected to proceed in the first week of August,” Kazatomprom said. In April, the company said its subsidiaries were reducing the number of staff on site to minimum possible levels. All non-essential staff would return home with full pay, while those remaining on site would operate within strict social distancing. These measures are expected to remain in place for three months, resulting in a lower level of wellfield development activity and, in consequence, a reduction in production volumes. The Company expected Kazakhstan's 2020 annual uranium production volume to decrease by up to 4,000 tU to 19,000 tU from previous expectations (previously 22,750 tU to 22,800 tU on a 100% basis). Kazatomprom is the world's largest producer of uranium, with the company's attributable production representing approximately 24% of global primary uranium production in 2019. The Group benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 24 deposits grouped into 13 mining assets. All of the Company's mining operations are located in Kazakhstan and mined using ISR technology with a focus on maintaining industry-leading health, safety and environment standards. Interview with Kazakh Minister of Environment, Geology, Natural Resources, Magzum MIRZAGALIYEV: KAZAKHSTAN AIMS TO ATTRACT MAJOR INVESTORS TO GEOLOGICAL EXPLORATION, PLANS A ROAD-SHOW SERIES ABROAD A year ago geological industry management underwent serious changes in Kazakhstan. A new state body - the Ministry of Environment, Geology and Natural Resources - was created, and the issue of the development of geology received higher status. In an interview with Interfax-Kazakhstan, Minister of Environment, Geology and Natural Resources Magzum MIRZAGALIYEV talked about the industry’s plans, risks and opportunities in the face of the crisis caused by the COVID-19 pandemic, the prospects for new discoveries and much more. - Magzum Maratovich, the ministry you are heading up was created a year ago, and the development of geology was among its tasks. The country's leadership instructed the [ministry] to devise a strategy for the development of the industry, and the concept of the state program has already been approved. Is the COVID-19 pandemic very likely to make its adjustments to industry plans? Do you agree with the opinion that not the best times are coming for geology? - The outbreak of COVID-19 has led to an unprecedented collapse in demand in global oil markets this year. Nevertheless, the OPEC + agreement had a positive effect on the change in the oil price forecast in the short term. Against the backdrop of such trends, capital investment in exploration and production has declined globally. So, if in 2014 the total volume of capital investment in the world amounted to $ 700 billion, then already in 2020 this figure is projected at $ 400 billion. Under such conditions the competition for new investments in exploration and production becomes even more intense. According to the forecasts of the research and analytical company IHS Markit, capital investment in exploration and production in 2021 will decrease by 25%-60%, but at the same time beyond 2022-23 this market is likely to begin its slow recovery. This crisis is deeper, the drop in prices is underway not only for oil and other energy resources, the total consumption is decreasing. In such a situation, of course, support is needed in order to avoid laying off people and widespread unemployment. In this sence, the devised state exploration program for 2021- 2025 should become a driver for the industry in the long term. Achieving the indicators set out in it is the key to the country's economic security in the future. In addition to all that, its implementation will provide employment and, accordingly, income for people. To this end, no adjustments are planned for the program. - Will the state program financing be reduced? - At this stage, the reduction of funds for the geological exploration of mineral resources is not expected. The program is already being shaped given the current market situation, therefore, we do not expect significant adjustments. - Specify how much budget funding is to be directed towards implementing measures envisaged in the state program? - The program has been devised for five years, during this period, according to our estimates, about 1 trillion tenge (405.77 tenge/ $1) will be invested in the exploration development. Speaking specifically about public funding, we are talking about 153 billion tenge for five years. This money, first of all, will be directed towards conducting the early stages of exploration, such as regional exploration, prospecting, prospecting and evaluation, this is when the work is carried out in large areas, while the probability of discovering a deposit at these stages is low. Nevertheless, we set ourselves ambitious, but, I think, quite feasible tasks to discover up to 50 potentially promising areas of mineral resources. Further this will be the good groundwork for attracting investment. As international experience shows, investors invest in field exploration in those countries where the state has already carried out or is carrying out the early stages of work at its own expense, where the basis of promising areas with forecast resources has already been formed up.
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