Ukraine to unite uranium mining and nuclear generation in one holding: Rada passes law

The Verkhovna Rada on August 19 adopted in the second reading and as a whole the law on the corporatization of the Eastern Mining and Processing Plant. The state enterprise will be transformed into a joint-stock company, and the next stage is to be its accession to NNEGC "Energoatom".

As reported by the Verkhovna Rada, draft law No. 15122 provides for the transformation of the State Enterprise "Eastern Mining and Processing Plant" into a joint-stock company. At the same time, all 100% of its shares will remain owned by the state.

The law defines the procedure for the transformation of the enterprise, the formation of its authorized capital and the transfer of state property, as well as the specifics of registration of property and land plots.

For the period of reorganization, special mechanisms of protection against bankruptcy and forced collection of property are also provided for the Eastern Mining and Processing Plant. Some procedures are to be simplified so that the enterprise could continue to operate during the corporate transformation.

Next step – merger with "Energoatom"

Corporatization of the Eastern Mining and Processing Plant is a preparatory stage for its subsequent accession to NNEGC "Energoatom". The Cabinet of Ministers is to approve a separate plan of measures, in which the stages and terms of this process will be defined.

First Deputy Prime Minister - Minister of Energy Denys Shmyhal stated that the goal is to create in Ukraine a vertically integrated nuclear holding that will cover the entire technological cycle – from uranium ore mining and production of uranium concentrate to electricity generation at nuclear power plants.

The Eastern Mining and Processing Plant is the only enterprise in Ukraine that mines uranium ore and produces natural uranium concentrate. Its work is directly related to providing the resource base of Ukrainian nuclear energy.

Corporatization is also to create conditions for the modernization of production facilities, development of uranium deposits, attraction of investments and increase in production of uranium oxide concentrate.

Earlier, Kurs Ukrainy wrote that the government planned to include the Eastern Mining and Processing Plant in the structure of "Energoatom" within the creation of a complete nuclear cycle inside the country. At that time, the relevant draft law was only under consideration by the Verkhovna Rada.

Thus, the parliament's decision does not yet mean automatic accession of the combine to "Energoatom". First, the Eastern Mining and Processing Plant must undergo corporatization, after which the government must determine the procedure and terms of its integration into the nuclear company.

Based on materials from: Verkhovna Rada of Ukraine, Denys Shmyhal