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Real Economy News in Real Time
R/€ = 18.98 Change: -0.03
R/$ = 16.76 Change: 0.01
Au 1808.42 $/oz Change: 7.82
Pt 842.99 $/oz Change: 9.01
 
 
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Kazakhstan to reduce stake in uranium miner Kazatomprom

3rd June 2020 BY: Reuters

ALMATY – Kazakh sovereign wealth fund Samruk-Kazyna plans to sell a 4.55% stake in the world's biggest uranium miner, Kazatomprom , for about $150-million, deal managers led by Citigroup said on Tuesday.

The sale will be the third by Samruk-Kazyna after the initial listing in 2018 and a secondary placement last year. After the planned deal, Samruk-Kazyna will own a 76.7% stake in Kazatomprom.

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Kazatomprom made a profit of 213.7-billion tenge (about $532-million) last year, down 50% from 2018 when its earnings were boosted by one-offs.

The company has cut its 2020 output guidance due to the novel coronavirus pandemic, but said a weaker tenge would boost its revenue in local currency terms. 

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EDITED BY: Reuters
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