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Overview

CDB provides loan for acquisition of 49% ownership stake in Irkol uranium mine and Semizbay uranium mine

Commitments (Constant USD, 2023)$100,908,120
Commitment Year•2008Country of Activity•KazakhstanDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2008
Start (actual)
Nov 1, 2008
End (actual)
Nov 1, 2008

Geospatial footprint

Map overview

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The project involved the Irkol uranium mine and the Semizbay uranium mine. The Irkol uranium mine is located in the Kyzylorzhinsk area, 20 kilometres from the town of Chiili (Shieli). The Semizbay uranium mine is located in the Valihanov District of Akmoltnsk Oblast. More detailed locational information can be found at https://www.openstreetmap.org/relation/3396852 and https://www.openstreetmap.org/way/525175824.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Beijing Sino-Kaz Uranium Resources Investment Company Limited

Loan description

CDB provides loan for acquisition of 49% ownership stake in Irkol uranium mine and Semizbay uranium mine

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2008, the Beijing Branch of China Development Bank issued a loan to Beijing Sino-Kaz Uranium Resources Investment Company Limited (北京中哈鈾資源投資有限公司) — a special purpose vehicle incorporated in China on November 26, 2007, and a subsidiary of CGNPC Uranium Resources Co., Ltd. (中廣核鈾業發展有限公 司) — to facilitate its acquisition of a 49% ownership stake in Semizbay-U Limited Liability Partnership (the owner of the Irkol uranium mine and the Semizbay uranium mine in Kazakhstan). The borrowing terms of the loan are unknown. The acquisition was completed in November 2008. The Irkol uranium mine is located in the Kyzylorzhinsk area, 20 kilometres from the town of Chiili (Shieli). The Semizbay uranium mine is located in the Valihanov District of Akmolinsk Oblast. Semizbay mine construction started in 2006, and the designed output is about 508 tons of uranium/year. It was put into operation in 2009, and the designed output is 508 tons of uranium /year (about 1.32Mlb U3O8). The target output was reached in 2012, and it is expected to stop production in 2031. The uranium ore at the Irkol mine is an in-situ leachable sandstone-type uranium deposit. The Irkol uranium mine was put into operation in 2007, and the designed output is 711 tons of uranium /year (about 1.85Mlb U3O8). The target output was reached in 2010, and it is expected to stop production in 2029.

Staff comments

1. The Chinese project title is 中哈铀资源投资有限公司收购哈萨克斯坦谢米兹拜 伊铀公司 49％股权项目. 2 Beijing Sino-Kaz Uranium Resources Investment Company Limited is also known as Beijing Sino-Kazakh Uranium Resources Investment. 3. The face value of the CDB loan is unknown. For the time being, AidData assumes that it is equivalent to 70% of the total acquisition cost ($102.35 million*0.7=$71,645,000). This issue warrants further investigation. 4. In 2008, after the completion of the acquisition, the owners of Semizbay-U Limited Liability Partnership included JSC NAC Kazatomprom (11% equity stake), LLP Ore Mining Company (40% equity stake), and Beijing Sino-Kaz Uranium Resources Investment Company Limited (49% equity stake). 5. Semizbay-U Limited Liability Partnership (LLP) is also known as Семизбай-U. 6. Evidence of the provision of a CDB loan can be found at https://web.archive.org/web/20230201063100/https://www.zhonglunwende.com/Index/show/catid/26/id/316.html