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Gold/Mining/Energy : WWS.T World Wide Minerals -- Ignore unavailable to you. Want to Upgrade?

To: tango who wrote (420)	4/24/1998 12:24:00 AM
From: traacs	Read Replies (3) \| Respond to of 784

This was taken from the WWS web site which was updated April 13 /98 For information purpose only Kazakhstan: In October 1996 World Wide took over the management of the uranium mining and processing operations of Tselinny Gorno-Khimicheskii Kombinat (TGK) in Kazakhstan with an option to purchase a 90% interest in TGK. Kazakhstan represents about 25% of the undeveloped uranium resources in the world. The core assets of TGK consist of two underground uranium mines (No. 1 and No. 5) with an estimated 35 million pounds U3O8 and the Semisby ISL deposit, which contains an estimated 42 million pounds of U3O8. The TGK mill has a capacity to process 2.0 million tonnes of uranium ore per year and has produced as much as 4.7 million pounds of U3O8 per year. World Wide developed a comprehensive plan to improve the head grade to the mill and to divert the lower grade ore to heap leach pads. World Wide's 95% subsidiary, KazUran Corp., entered into a Strategic Alliance Agreement in February 1997 with Kazatomprom, the Kazakhstan State-owned uranium company, to develop three existing ISL uranium mines and four new uranium deposits in southern Kazakhstan. The resources contained in these deposits are considerable and World Wide estimates that 350 million pounds of U3O8 would have been attributable to its interest in the joint venture. Total investment by World Wide in the TGK and related uranium operations in Kazakhstan to date is over US$25 million. In August 1997 the Government of Kazakhstan had a change of heart and decided not to issue requisite export licenses to World Wide. After being unable to reverse this decision, World Wide discontinued most of the TGK operations, although toll processing of uranium concentrates continued. This action was based on World Wide's position that the Government was in default of its agreements. World Wide maintains that it is entitled to be compensated for the effective confiscation of its TGK deal and that is still has an interest in about 350 million pounds of U3O8 in Kazakhstan. At the time of writing this Report, World Wide states that discussions with the Government of Kazakhstan are proceeding in a constructive manner towards resolving the repayment of its investment. Ultimate resolution could also include a continuing role in the redevelopment of the southern ISL mines and deposits in that country. -________________________________________________________________ This was taken from a on line news service in Kazakhstan published April 23 98 ______________________________________________________________ Interfax- Kazakhstan news agency last week quoted the Kazatomprom's president Kadyr Baykenov as saying that Kazcommertzbank, Halyk Bank and Kazatomprom JSC have signed a contract for financing the country's uranium industry. The 6-year contract totals $62.4 million. The government expects investments to bring $130 million by late 1998, while the total production volume will rise up to $180 million in 2003. Baykenov said, the total mortgage, which includes the uranium reserves of Kazatomprom's three uranium mining enterprises, approved mineral reserves, a part of the production as well as a part of its liquid assets, amounts to $200 million. DO YOU NOT THINK THAT THIS INDICATES THAT THERE IS IN FACT A SETTLEMENT VERY CLOSE comments please Regards Klaas