Inkai Uranium Project

The deposit is operated by the joint venture Inkai (Inkai JV), established in March 1996. It owned by Cameco of Canada (60%) and the National Atomic Company Kazatomprom (40%).

The joint venture holds a mining license for Section No. 1 and an exploration and subsequent mining license for Sections No. 2 and No. 3. Commercial production at Section No. 1 involved the construction of a central processing plant, two satellite plants, an initial wellfield, a camp, and various auxiliary facilities. Construction of the main complex near the village of Taikonyr began in 2005, and operations commenced in 2010. In 2018, majority control of the JV shifted to the Kazakh side, when Cameco transferred 20% of its share to Kazatomprom. The mining license can be extended until 2045. In 2021, Inkai produced 3,449 tonnes of uranium, and in 2022 the venture reported revenues of US$476.3 million and net profit of US$278.7 million.

Until Russia's invasion of Ukraine in 2022, Cameco shipped uranium by rail to the port of Saint Petersburg and then to its refinery in Blind River, Ontario. Following the outbreak of war, the company announced that, in order to comply with international sanctions, it planned to use the Trans-Caspian transport route, via the Caspian Sea, Azerbaijan, and Georgia.

Pause in production

On 2 January 2025, Cameco announced suspending uranium production at Inkai JV over what it called a "bureaucratic holdup". Their joint venture had not gotten an extension to submit its project paperwork following a delayed submission to Kazakhstan's energy ministry.