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The National Atomic Company Kazatomprom JSC Annual Report

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The National Atomic Company Kazatomprom JSC Annual Report 2O11 The NaTioNal aTomic compaNy KazaTomprom JSc annual report THE NATIONAL AtOMIC COMPANY KAZATOMPROM JSC ANNUAL REPORT 2011 CONTENT Message from the Chairman of the Board of Directors ......................................................... 4 Message from the Chairman of the Management Board ...................................................... 6 Key performance indicators .................................................................................................. 8 2011 key events .................................................................................................................... 9 Company overview ................................................................................................................ 10 Sector overview ..................................................................................................................... 13 Growth strategy ..................................................................................................................... 15 Operations and results ......................................................................................................... 18 Financial performance indicators review ...................................................................... 18 Uranium products ......................................................................................................... 26 Rare and rare earth metals and chemical products ....................................................... 32 Energy resources ......................................................................................................... 34 Stakeholder relations ............................................................................................................ 36 Corporate governance .......................................................................................................... 38 Report of the Board of Directors ................................................................................... 38 Management Board ..................................................................................................... 47 Settlement of corporate conflicts and conflicts of interest ............................................. 51 Corporate Ethics .......................................................................................................... 52 Risk management ................................................................................................................. 53 Risk management system ............................................................................................. 53 Keyrisks and measures aimed at mitigating them.......................................................... 54 Sustainable development ...................................................................................................... 57 Environmental protection .............................................................................................. 58 Occupational health and safety..................................................................................... 64 Nuclear safety .............................................................................................................. 65 Radiation safety ............................................................................................................ 66 Principles of social responsibility ................................................................................... 66 Employees .................................................................................................................... 68 Development of Regions of Presence .......................................................................... 73 About the report .................................................................................................................... 77 Appendices ........................................................................................................................... 79 Consolidated financial statements ................................................................................ 85 Glossary ................................................................................................................................ 154 Table of GRI performance indicators ..................................................................................... 156 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS I am pleased to present the first consolidated annual report of the National Atomic Company (NAC) Kazatomprom’s Group of companies. This report continues the tradition begun by the Company in 2010 to prepare annual reports and reports on the sustainable development of NAC Kazatomprom JSC. The reports provide information to the public on the economic, social and environmental aspects of the Company’s operations. Continuing to improve its corporate governance, the Company decided to combine all important data on 2011 performance indicators into a single report, prepared in accordance with best international practices of corporate integrated reporting. 2011 was a difficult year for the nuclear power industry. The accident at the Fukushima-1 nuclear power plant in March 2011 in Japan affected the global nuclear industry and provoked heightened concerns from politicians, regulatory agencies and civil society about the use of nuclear energy. However, despite the grave consequences of the accident at Fukushima and a continued global trend since 2002 towards reducing the number of nuclear reactors in operation, their aggregate capacity has increased to 370 GW, while the events in Japan have not in fact led to the cancellation or deferment of existing contracts. The nuclear industry continues to be supported by the world's leading economies – the U.S., Germany and France, as well as by developing countries, particularly India and China. NAC Kazatomprom JSC retains a leading position in the global uranium market due to constantly expanding uranium reserves and enhancing production processes. Kazatomprom’s profit in 2011 was 79,746 million tenge – a 33% increase on 2010. In the reporting year, new facilities at the uranium ore deposits and the Kharasan-2, Budenovskoye, and Semizbai deposits were put into operation, and, in general, the capacity of the uranium ore deposits increased considerably. Important events included the completion of the Company’s first sulfuric acid plant in Kyzylorda oblast. In 2011 Kazatomprom continued improving its corporate governance system: the Management Board approved the Company's Development Strategy until 2020. In addition, Kazatomprom approved amendments to the Growth Plan until 2015 and a number of internal regulatory documents aimed at dividing responsibilities between the bodies of the Company in the area of risk management, internal control, planning and management. 4 | ANNUAL REPORT New documents and policies were developed and approved by the Board of Directors: a new edition of the Code of Conduct, Corporate Social Responsibility Policy, and Confidential Reporting Policy which aims to provide the Companies’ employees with a set of measures to anonymously report on any violations related to employee conduct, internal control procedures and presumptive or known facts of fraud. In 2011, there wasn’t a single case of corruption reported in the Company. The introduction of international standards in the area of environmental protection and occupational safety is a top priority for the Company. In 2011, Kazatomprom developed its own policies in relation to occupational safety, environmental protection, and nuclear and radiation safety. The Company is proud that for the entire period of its operation, there has been no recorded case of a member of staff being exposed to radiation levels which exceed permitted levels. Kazatomprom makes every effort to ensure safe and healthy working conditions for all its employees and contractors, and to minimize any adverse effects on the local population. With the publication of the annual report of the Company, which gives extensive information on the economic, environmental and social results of the past year, we look forward to a continued dialogue between Kazatomprom and all its stakeholders. On behalf of the Board of Directors, I would like to express my gratitude to all employees and managers for the excellent financial results and performance indicators achieved in 2011. Chairman of the Board of Directors NAC Kazatomprom JSC Kuandyk Bishimbaev ANNUAL REPORT | 5 MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD Dear investors, partners and colleagues, In 2011 Kazatomprom continued the dynamic growth begun in the previous years. Compared to 2010, the volume of uranium ore mining increased, and we commissioned new facilities at the mines. In addition, we proceeded with implementing joint projects with international partners and entered into agreements on setting up innovative knowledge- intensive production facilities. The growth continued against a backdrop of a difficult situation in the global nuclear industry. On March 11, 2011 a powerful magnitude 9.0 earthquake and subsequent tsunami resulted in massive destruction on the east coast of Japan. A catastrophe entailing radiation contamination from the Fukushima-1 nuclear power plant led to casualties and the evacuation of nearby communities. Japan's disaster negatively affected world uranium prices, which immediately after the event fell almost 30%. This seriously affected uranium producers and energy companies around the globe. Against such an
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