(21 January 2026 | Source: Orda.kz)
Canadian company Laramide Resources has pulled out of a uranium exploration project in Kazakhstan, citing new amendments to the Subsoil Code. The company's president stated that participation in the project no longer makes sense.
WHAT HAPPENED
As reported by ORDA citing Laramide Resources, the company has withdrawn from the uranium exploration project in the Shu-Sarysu Basin. Since 2024, the Canadian company had been carrying out geological exploration work on a 5.5 thousand sq km site, had access to 22 licences near the operating mines of Kazatomprom, and was preparing for an exploration drilling programme totalling around 15 thousand metres. However, work never started, partly due to protracted permitting procedures.
REASON GIVEN
In its statement, Laramide Resources cites amendments to the Subsoil Code, signed in December 2025, which increase the mandatory share of Kazatomprom's participation in new uranium discoveries. The Canadian company described these rules as "de facto nationalisation" of all deposits that may be discovered in the future.
WHERE THEY WILL GO
According to the President of Laramide Resources, Mark Henderson, participation in the Kazakhstani project has now lost its purpose. He stressed that this applies not only to his company but also to other foreign players in the uranium industry.
It is noted that Laramide Resources has already ceased funding for work in Kazakhstan and will return to developing uranium deposits in the USA and Australia.