Kazakh state nuclear company Kazatomprom, Canada's Uranium One Inc. (UUU.T) and a group of six Japanese companies, including Toshiba Corp. (6205.TO), Friday inaugurated a joint uranium mine in southwestern Kazakhstan that will produce 3,000 metric tons of uranium a year.
Khorasan-One will be Kazakhstan's largest uranium mine, Kazatomprom said in a statement. Most of the output will be used to meet the needs of Japan's atomic nuclear power industry.
Tne target output of 3,000 tons a year will be reached in 2014, the company said. This year 180 tons will be produced.
The mine's total reserves stand at 21,000 tons.
Tokyo Electric Power Co. (9501.TO) and Marubeni Corp. (8002.TO) are among the Japanese companies that teamed up to jointly develop the mine.
Kazakhstan produced 8,521 tons of uranium in 2008, up from 6,637 tons the previous year, Kazatomprom said in January.
The company has said Kazakhstan's target output of uranium for this year was 11,900 tons, but said production would depend on world market conditions.