KAZAHKSTAN — C29 Metals Limited (ASX: C29) has announced a significant partnership with Volkov Geology, a subsidiary of Kazakhstan’s national uranium producer Kazatomprom, to advance its Ulytau Uranium Project.
The Memorandum of Understanding (MOU) establishes a collaborative framework for exploration and development efforts in the uranium-rich Almaty Region of Kazakhstan.
The agreement with Volkov Geology, Kazakhstan’s largest drilling service provider, brings extensive expertise to C29’s operations.
With over 4,500 employees and a 75-year history in uranium exploration and mining, Volkov Geology will provide crucial technical oversight and specialised geological services.
Shannon Green, a representative of C29 Metals, expressed enthusiasm about the partnership, stating: “This is a significant milestone for the company to have Volkov Geology join us as our geological partner is quite simply an incredible step forward as we rapidly advance towards our stated goal of becoming a globally significant uranium development company.”
The Ulytau Uranium Project is located approximately 15 kilometres southwest of the historic Bota-Burum uranium mine, one of the largest Soviet-era uranium deposits.
The first phase of drilling is scheduled to commence in November 2024, with Volkov Geology overseeing geological services and ensuring regulatory compliance.
C29 Metals has actively engaged with the local community of Aksuyek, a town of around 700 residents located 20 kilometres from the project site.
The company has conducted community consultation days and signed a social support agreement with the district government, demonstrating its commitment to sustainable, community-centred development.
This partnership positions C29 Metals to capitalise on Kazakhstan’s status as the world’s largest uranium producer.
The collaboration with Volkov Geology, backed by Kazatomprom’s resources and expertise, could significantly enhance C29’s exploration capabilities and potentially accelerate the project’s development timeline.
As global demand for clean energy sources continues to grow, C29 Metals’ strategic move in the uranium sector aligns with the broader trend towards sustainable power generation.
Investors and industry observers will likely watch closely as the company progresses with its exploration program and moves towards its goal of becoming a significant player in the global uranium market.
