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Ukraine Backs Plan to Corporatize Uranium Mining Company

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Ukraine's parliament on Tuesday gave initial approval to a government-backed bill to convert the state-owned uranium miner, Eastern Mining and Processing Plant, or SkhidGZK, into a joint-stock company wholly owned by the state, Interfax-Ukraine reported.

Energy Minister Denys Shmyhal said in a social media post that the restructuring would pave the way for integrating SkhidGZK with state nuclear power company Energoatom as part of a plan to create a vertically integrated nuclear group spanning the entire fuel cycle, from uranium mining and processing to electricity generation.

Shmyhal said SkhidGZK is Ukraine's only uranium mining and processing company and supplies up to 40% of the uranium used by the country's nuclear power plants.

The parliamentary energy committee said the reform is intended to improve corporate governance, strengthen oversight, and support the company's long-term development.

According to Shmyhal, the bill also introduces a moratorium on bankruptcy proceedings and enforcement actions against the company.

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