South Inkai Uranium Mine

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South Inkai is owned 100% by the Betpak-Dala Joint Venture, in which Uranium One has a 70% interest. The balance of the interest in the Betpak-Dala Joint Venture is owned by KazAtomProm, the Kazakh State uranium company.

The South Inkai Mine is an operating ISR mine which produces a wet yellowcake uranium product. Commercial production commenced on January 1, 2009, following a 15 month pilot plant program conducted during the period from October 2007 to December 2008. Construction of the industrial complex at South Inkai is complete and fully operational. Two yellowcake dryers were installed, commissioned and licensed during 2010 allowing finished product to be shipped directly to conversion facilities. Two additional dryers are scheduled to be installed during 2011 and expected to be operational by the end of 2011.