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REG - JSC NAC Kazatomprom - Kazatomprom 4Q21 Operations and Trading Update

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RNS Number : 8276Z  JSC National Atomic Co. Kazatomprom  27 January 2022

 AIX: KAP, KAP.Y (GDR)

LSE: KAP (GDR)

Currency: KZT (₸), unless otherwise noted

 

 

27 January 2022, Nur-Sultan, Kazakhstan
Kazatomprom 4Q21 Operations and Trading Update

JSC National Atomic Company "Kazatomprom" ("Kazatomprom", "KAP" or "the
Company") announces the following operations and trading update for the fourth
quarter and year ended 31 December 2021.

This update provides a summary of recent developments in the uranium industry,
as well as provisional information related to the Company's key fourth-quarter
and 2021 operating and trading results, and 2022 non-financial guidance. The
information contained in this Operations and Trading Update may be subject to
change.

Market Overview

The 2021 United Nations Climate Change Conference (COP26), held in November
2021 in Glasgow, Scotland, UK, resulted in the adoption of an agreement
referred to as the Glasgow Climate Pact. The agreement recognizes the need to
take actions through significant, rapid and sustained reductions in global
greenhouse gas emissions, including reducing global carbon dioxide emissions
by 45% by 2030 relative to 2010 levels, with a further push to net zero
emissions around mid-century. In a key outcome of COP26, nations were called
upon to accelerate the development, deployment and dissemination of
technologies, as well as the adoption of policies, that will drive a
transition towards low-emission energy systems, including the rapid scaling-up
of clean power generation and enhanced energy efficiency measures.

In another notable development, the European Commission completed a draft of
the EU green finance Taxonomy, and began formal consultation with the Platform
on Sustainable Finance and the Member States Expert Group on Sustainable
Finance, for all Delegated Acts under the Taxonomy Regulation that cover
certain gas and nuclear activities. The Commission will analyze the
contributions of these groups and formally adopt the complementary Delegated
Act in January 2022. It will then be sent to the European Parliament and the
European Council, which will have up to six months to review the document.
Specific to the nuclear industry in the latest draft, the requirements for
nuclear energy's inclusion into the "green deal" includes the use of "best
available technology", reinforced safety and security measures to protect
against external hazards, as well as solid waste management and
decommissioning provisions. Labeling nuclear as a "climate friendly
investment" within the Taxonomy could drive an increase in new builds and life
extensions for existing reactors across Europe.

During the fourth quarter, nuclear industry demand-side highlights included:

·      Unit 1 of the Shidao-Bay power plant located in the eastern China
province of Shandong, was successfully connected to the grid. In what is
considered to be the world's first land-based small modular reactor of modern
design, the plant features two high temperature gas-cooled demonstration
reactors that drive a single 210 MWe turbine.

·      China National Nuclear Corporation (CNNC) reported that Fuqing
unit 6, a 1,100 MWe Chinese-designed HPR1000 reactor, located in Fujian
province, southeastern China, was connected to the national grid on 01 January
2022.

·      CNNC and China Huaneng Group announced that first concrete was
poured for the 1,100 MWe HPR1000 PWR at Changjiang unit 4 in Hainan province.

·      China General Nuclear Power Group (CGN) announced that
construction of its 1,100 MWe HPR1000 PWR at San'ao unit 2 began in December
2021, in Zhejiang Province. With the start of construction of San'ao unit 2,
CGN now has seven nuclear power units under construction with total installed
capacity of 8.3 GWe.

·      EDF Energy's Hunterston B unit 3 nuclear plant in Scotland, UK,
was permanently shut down in November 2021, followed by the permanent closure
of unit 4 in January 2022. The two Hunterston B advanced gas-cooled reactors
came online in February 1976 and were initially expected to run for 25 years,
but each had their generating lifespan increased to more than 45 years.

·      Three nuclear power plants were disconnected from Germany's grid
on 31 December 2021, under the country's nuclear phase-out policy. The
shutdowns included PreussenElektra's 1,480 MWe Brokdorf reactor  (PWR) in the
northern state of Schleswig-Holstein, the 1,430 MWe Grohnde reactor (PWR) in
Lower Saxony, and RWE's 1,300 MWe Gundremmingen C (BWR) in Bavaria.

·      Rosenergoatom's Kursk unit 1 (RBMK-1000) in Kurchatov, Kursk
region, Russia, was permanently shut down after 45 years of operation.
According to Alexander Uvakin, acting director of the power plant, the unit
safely generated more than 251 billion kilowatt hours of electricity over its
lifespan.

·      Rosatom announced that first concrete was poured to begin
construction of a VVER-1000 reactor at Kudankulam unit 6, located in the state
of Tamil Nadu, India.

·      Armenia extended the life of the 376 MWe Metsamor unit 2 (VVER)
to 2026 as a result of work on replacement and modernisation of equipment,
which was performed in collaboration with Rosatom.

Several "unconventional demand" developments emerged during the fourth
quarter:

·      "ANU Energy OEIC Ltd." was established, a physical uranium fund
with a US$50 million total seed investment from the fund's founders:
Kazatomprom (48.5%), National Investment Corporation of the National Bank of
Kazakhstan JSC (48.5%) and Genchi Global Limited (3%). The Fund intends to
store physical uranium as a long-term investment.

·      Sprott Physical Uranium Trust increased the value of its
at-the-market offering, with approval  to issue up to a value of US$3.5
billion in trust units.

·      In a similar development, Yellow Cake Plc. announced its
successful equity fundraise to purchase physical uranium amounting to about 3
million pounds U(3)O(8).

On the supply side, Russian uranium producer JSC Atomredmetzoloto (ARMZ)
reported that its subsidiary, JSC Dalur, began construction of a pilot site
for in-situ recovery mining of the Dobrovolnoye uranium deposit in the Kurgan
region of Russia. ARMZ also reported that JSC Khiagda is preparing for
development of its Kolichikan uranium deposit in Russia's Republic of
Buryatia, with drilling operations and construction projects underway.

Also impacting future supply, the Ministry of Energy of the Republic of
Kazakhstan approved an amendment for the right to commence commercial
production at JV Budenovskoye's Budenovskoye Blocks 6 and 7, with a commercial
ramp-up of up to 2,500 tU beginning no earlier than 2024 (Please see Company
Developments for more information).

Further down the nuclear fuel supply chain, Kazakhstan launched the Ulba Fuel
Assembly plant in November. The fuel assembly facility has a capacity of 200
tons of uranium as fuel bundles per year. The technology from French company
Framatome was used for the Ulba-FA plant, and the new facility will be using
the existing fuel pellet manufacturing capabilities of the Ulba Metallurgical
Plant (UMP). Ulba-FA LLP is a Kazakhstani and Chinese joint venture with UMP
JSC (a subsidiary of NAC Kazatomprom JSC) holding a 51% interest, and
CGNPC-URC (a subsidiary of China General Nuclear Power Corporation), holding a
49% interest.

Market Pricing and Activity

 

Spot market activity in the fourth quarter fell compared to the third quarter,
though it remained  higher than the historical average. During the quarter,
the spot price was highly volatile, initially declining to US$37.35 per pound
U(3)O(8) in October, before rising sharply to US$47.00 due to increased
activity led primarily by financial participants. In November, the spot price
slid to about US$43.00 before finding strength and rising to US$46.50 at the
end of the month. In December, spot market activity slowed down substantially,
leading to a gradual price decline to US$42.00 per pound U(3)O(8). According
to third-party market data, spot volumes transacted through 2021 were about
25% higher than last year. A total of 97 million pounds U(3)O(8) (37,300 tU)
was transacted at an average weekly spot price of US$35.05 per pound, compared
to 77 million pounds U(3)O(8) (29,600 tU) at an average weekly spot price of
US$29.60 per pound in 2020.In the term market, third-party data indicated that
contracted volumes totalled about 72 million pounds U(3)O(8) (27,700 tU)
through 2021, compared to about 53 million pounds U(3)O(8) (20,400 tU) in
2020. The 36% increase in term market activity, resulted in an increase of the
average long-term price by about US$8.00 per pound U(3)O(8) year-over-year, to
US$42.75 (reported only on a monthly basis by third-party sources).

Company Developments

Corporate Update

At the very beginning of 2022, subsequent to the end of the quarter, a state
of emergency was declared following civil protests related to a significant
increase in the cost of liquefied petroleum gas, that began in the western
town of Zhanaozen, Mangystau region, Kazakhstan,. The protests spread to major
centers, leading to serious unrest in Almaty. A state of emergency order was
in effect until 19 January 2022 and included a curfew and a ban on mass
gatherings. The Kazakh Government resigned on 05 January 2022 and a new
government was appointed and functional as of 11 January 2022. The large-scale
anti-terrorism operations which included both Kazakh police, security and
military forces, as well as support from the regional Collective Security
Treaty Organization (CSTO), has since been concluded. As of 19 January, the
situation throughout the country stabilized, the state of emergency was
lifted, and the withdrawal of units of the CSTO forces from Kazakhstan was
completed.

Kazatomprom's focus remains on business continuity, including the safety and
security of its employees and operations and as previously disclosed, the
Company's production facilities were not impacted and are operating normally.
Kazatomprom's risk management and business continuity plans proved to be
robust, with no delays or disruptions to the Company's uranium production,
deliveries or sales plans. At no point were CSTO forces deployed to the
vicinity of Kazatomprom's infrastructure or operations.

COVID-19 Update

With Omicron-variant COVID-19 cases rising since the beginning of 2022 and
forcing red-zone centres, including Nur-Sultan, Almaty and Shymkent back into
severe government-mandated restrictions, the Company continues to rigorously
monitor the COVID-19 situation to ensure current protocols remain effective.
Existing protocols have been reinforced to minimize the spread by introducing
PCR testing for anyone accessing the mine sites. Health-related pandemic risks
have remained well mitigated within the Company and if a case of COVID-19 is
detected, proactive and preventive measures are implemented to contain the
spread, with the health of the individual being constantly monitored and
medical assistance provided as necessary.

Vaccination status is being monitored on a daily basis: to date, each of the
Group's uranium mining entities has surpassed the 90% level of full
immunization coverage, with several sites now 100% fully vaccinated. Taken as
a whole, including the corporate headquarters and all Group entities, as of 24
January 2022, 94% (18,035) of employees are partially vaccinated, with 93%
fully vaccinated.

JV Budenovskoye Commercial Production Contract Update

As previously disclosed in November 2021, the Company's Board of Directors
approved a Life of Mine plan that JV Budenovskoye LLP ("JV Budenovskoye" or
"the JV") submitted to the Ministry of Energy of the Republic of Kazakhstan.
On 21 December 2021, the related amendment for the right to commence
commercial production under JV Budenovskoye's Subsoil Use Agreement, was
signed. The 25-year plan (2021 - 2045) provides for the future development of
Budenovskoye Blocks 6 and 7 after the completion of its ongoing pilot
production program, with a commercial ramp-up of up to 2,500 tU beginning no
earlier than 2024, and the potential for maximum annual production capacity of
up to 6,000 tU no earlier than 2026. The timing of commissioning plans and
future production rates remain subject to annual review and may be adjusted
based on Kazatomprom's strategy and an ongoing assessment of market
conditions.

Under an agreement signed by the JV partners, the JV's anticipated rampup
production from 2024 - 2026 is fully committed for supplying the Russian civil
nuclear energy industry, under an offtake contract at market-related terms.
Established in 2016, JV Budenovskoye is owned 51% by Kazatomprom and 49% by
Stepnogorsk Mining and Chemical Plant LLP ("SMCC").

JV Ortalyk Commercial Production Contract

On 14 December 2021, the Subsoil Use Agreement for the right to commence
commercial production from the  Zhalpak deposit was signed between the Kazakh
Ministry of Energy and Kazatomprom. As per the agreements related to the sale
of a 49% share of Ortalyk LLP to CGN Mining UK Limited (a CGNPC subsidiary)
that were finalized in July 2021, on 28 December 2021, the right to commence
commercial production from Zhalpak was transferred to JV Ortalyk LLP. The
21-year plan (2022 - 2042) provides for development of the Zhalpak mine
according to the JV Ortalyk mine plan, with a maximum annual production
capacity of up to 900 tU no earlier than 2030.

Board of Directors Change

On 11 January 2022, Mr. Bolat Akchulakov, a Kazatomprom Board member
representing the interests of majority shareholder Samruk-Kazyna, was
appointed Minister of Energy and has therefore resigned from his position on
Kazatomprom's Board of Directors.

Samruk Kazyna Organizational Changes

On 24 January 2022, majority shareholder Samruk-Kazyna ("the Fund") announced
the approval of a new organizational structure. According to the new
structure, the total number of employees within the Fund was reduced from 248
to 124, with senior management positions reduced from 10 to 5, and the number
of structural units decreasing from 27 to 18. The Fund also decided to close
all offices abroad. There have been no changes related to Samruk-Kazyna's
ownership status in Kazatomprom.

In addition to its own restructuring plans, Samruk-Kazyna recommended that all
of its portfolio companies reduce the number of administrative employees by
50% and release all managers responsible for procurement. As a publicly traded
company, Kazatomprom will continue to maintain high standards and best
practices for corporate governance, and any organizational changes and/or
dismissals for any reason would only be considered in strict compliance with
the local labor code, laws and internal policy documents. Any decision on
changes to the Company's headcount and organizational structure are subject to
approval by Kazatomprom's Board of Directors following an internal evaluation.

Kazatomprom's 2021 Fourth-Quarter Operational Results(1)
                                                     Three months ended              Year ended December 31

                                                     December 31
 (tU as U(3)O(8) unless noted)                       2021        2020        Change  2021          2020          Change
 Production volume (100% basis)(2)                   5,859       4,386       34%     21,819        19,477        12%
 Production volume (attributable basis)(3)           3,066       2,427       26%     11,858        10,736        10%
 Group sales volume(4)                               8,117       6,575       23%     16,526        16,432        1%
 KAP sales volume (incl. in Group)(5)                6,788       5,402       26%     13,586        14,126        -4%
 KAP average realized price (USD/lb U(3)O(8))(6*)    34.49       29.31       18%     32.36         29.63         9%
 Average month-end spot price (USD/lb U(3)O(8))(7*)  44.33       29.86       48%     35.28         29.96         18%

(1) All values are preliminary.

(2) Production volume (100% basis): Amounts represent the entirety of
production of an entity in which the Company has an interest; it therefore
disregards the fact that some portion of that production may be attributable
to the Group's joint venture partners or other third party shareholders.
Actual drummed production volumes remain subject to converter adjustments and
adjustments for in-process material.

(3) Production volume (attributable basis): Amounts represent the portion of
production of an entity in which the Company has an interest, which
corresponds only to the size of such interest; it therefore excludes the
remaining portion attributable to the JV partners or other third party
shareholders, except for production from JV "Inkai" LLP, where the annual
share of production in 2021 as per the terms of Implementation Agreement as
disclosed in IPO Prospectus, amounted 1,400 tU.

(4) Group sales volume: includes Kazatomprom's sales and those of its
consolidated subsidiaries (companies that KAP controls by having (i) the power
to direct their relevant activities that significantly affect their returns,
(ii) exposure, or rights, to variable returns from its involvement with these
entities, and (iii) the ability to use its power over these entities to affect
the amount of the Group's returns. The existence and effect of substantive
rights, including substantive potential voting rights, are considered when
assessing whether KAP has power to control another entity). Volume does not
include approximately 225 tU equivalent sold as UF(6) in 4Q21.

(5) KAP sales volume (incl. in Group): includes only the total external sales
of KAP HQ and Trade House KazakAtom AG (THK). Intercompany transactions
between KAP HQ and THK are not included. Volume does not include approximately
225 tU equivalent sold as UF(6) in 4Q21.

(6) KAP average realized price: the weighted average price per pound for the
total external sales of KAP HQ and THK. The pricing of intercompany
transactions between KAP HQ and THK are not included.

(7) Source: UxC LLC, TradeTech. Values provided are the average of the
month-end uranium spot prices quoted by UxC and TradeTech, and not the average
of each weekly quoted spot price throughout the month. Contract price terms
generally refer to a month-end price.

* Note the conversion of kgU to pounds U(3)O(8) is 2.5998.

Production on both a 100% and attributable basis was higher for 2021 compared
to 2020, and notably higher for the fourth quarter of 2021 compared to the
same period in 2020. The pandemic-related safety measures that were
implemented in 2020 impacted production volumes throughout the second half of
that year - production in 2020 should therefore be considered exceptionally
low, while 2021 represents a production level that is approximately 20% below
subsoil use agreement volumes.

Uranium sales at the Group level in 2021 were in line with 2020. Due to the
timing of customer requirements and differences in the timing of deliveries, a
larger proportion of both Group and KAP sales occurred in the fourth quarter,
resulting in higher sales in the final quarter of 2021 compared to the same
period in 2020. KAP sales volume was modestly lower in 2021 compared to 2020
due to additional sales by consolidated subsidiaries to JV partners.

Higher uranium prices in 2021 had a positive impact on Kazatomprom's average
realized price compared to 2020. However, due to the increased volatility of
uranium prices during 2021, KAP's average realized price  for fourth quarter
and the year was lower than the corresponding average month-end uranium spot
price, and during the fourth quarter many deliveries took place based on
pricing that was locked-in in various ways at an earlier date.

Kazatomprom's 2022 Production and Sales Guidance
                                                                 2021             2022
 Production volume U(3)O(8) (tU) (100% basis) (1)                21,700 - 22,000  21,000 - 22,000
 Production volume U(3)O(8) (tU) (attributable basis) (2)        11,800 - 12,000  10,900 - 11,500
 Group sales volume (tU) (consolidated) (3)                      16,300 - 16,800  16,300 - 16,800
     KAP sales volume (tU) (incl. in Group) (4)                  13,500 - 14,000  13,400 - 13,900

(1) Production volume U(3)O(8) (tU) (100% basis): Amounts represent the
entirety of production of an entity in which the Company has an interest; it
disregards that some portion of production may be attributable to the Group's
JV partners or other third-party shareholders.

(2) Production volume (attributable basis): Amounts represent the portion of
production of an entity in which the Company has an interest, corresponding
only to the size of such interest; it excludes the portion attributable to the
JV partners or other third-party shareholders, except for JV "Inkai" LLP,
where the annual share of production is determined as per Implementation
Agreement as disclosed in IPO Prospectus. Actual drummed production volumes
remain subject to converter adjustments and adjustments for in-process
material.

(3) Group sales volume: includes Kazatomprom's sales and those of its
consolidated subsidiaries (companies that KAP controls by having (i) the power
to direct their relevant activities that significantly affect their returns,
(ii) exposure, or rights, to variable returns from its involvement with these
entities, and (iii) the ability to use its power over these entities to affect
the amount of the Group's returns. The existence and effect of substantive
rights, including substantive potential voting rights, are considered when
assessing whether KAP has power to control another entity).

(4) KAP sales volume: includes only the total external sales of KAP and THK.
Intercompany transactions between KAP and THK are not included

* Note that the conversion of kgU to pounds U(3)O(8) is 2.5998.

Kazatomprom's production expectations for 2022 remain consistent with its
market-centric strategy and the intention to flex down planned production
volumes by 20% for 2018 through 2023 (versus planned production levels under
Subsoil Use Agreements). Production volume in 2022 is expected to be between
21,000 tU and 22,000 tU on a 100% basis, similar to 2021 at the top end of
the range. However, pandemic-related supply chain challenges have continued to
result in limited access to certain key operating materials and equipment
(production reagents, certain types of pipes and pumps, specialized equipment,
drilling rigs), which had a material impact on the Company's wellfield
development and production schedules in 2021, adding additional risk to
production in 2022 and resulting in a wider range for the expected production
volume. On an attributable basis, 2022 production volume is expected to be
between 10,900 tU to 11,500 tU, which is lower than 2021 primarily due to
the sale of a 49% share of Ortalyk LLP to CGN Mining UK Limited in mid-2021,
as well as the above-mentioned supply chain risks.

Sales volume guidance for 2022 is also aligned with the Company's
market-centric strategy. The Group expects to sell between 16,300 tU and
16,800 tU, which inc-ludes KAP sales of between 13,400 tU and 13,900 tU, in
line with sales volumes in 2021.

The Company continues to target an ongoing inventory level of approximately
six to seven months of annual attributable production. However, inventory
could fall below this level in 2022 due to pandemic-related supply chain
challenges and production losses. As such, during the fourth quarter of 2021,
several transactions to purchase uranium in the spot market were carried out
and the Company will continue to monitor market conditions for opportunities
to optimize its inventory.

Wellfield development, procurement and supply chain issues, including
inflationary pressure on production materials and reagents, are expected to
continue throughout 2022, impacting the Company's financial metrics. In
addition, the Company's costs could be impacted by potential changes to the
tax code in Kazakhstan and by possible local social funding requests, although
these risks cannot be quantified or estimated at this time. Financial guidance
for 2022 will be published in the 2021 Operating and Financial Review,
expected to be released on 17 March 2022.

Conference Call Notification - 2021 Operating and Financial Review (17 March 2022)

Kazatomprom expects to schedule a conference call to discuss the full 2021
operating and financial results, after they are released on Thursday, 17 March
2022. Further details will be provided closer to the date of the event.

For further information, please contact:

Kazatomprom Investor Relations Inquiries

Cory Kos, Director of Investor Relations

Tel: +7 (8) 7172 45 81 80

Email: ir@kazatomprom.kz

Kazatomprom Public Relations and Media Inquiries

Torgyn Mukayeva, Chief Expert of GR & PR Department

Tel: +7 (8) 7172 45 80 63

Email: pr@kazatomprom.kz

About Kazatomprom

Kazatomprom is the world's largest producer of uranium, with the Company's
attributable production representing approximately 23% of global primary
uranium production in 2020. The Group benefits from the largest reserve base
in the industry and operates, through its subsidiaries, JVs and Associates, 26
deposits grouped into 14 mining assets. All of the Company's mining operations
are located in Kazakhstan and extract uranium using ISR technology with a
focus on maintaining industry-leading health, safety and environment
standards.

Kazatomprom securities are listed on the London Stock Exchange, Astana
International Exchange, and Kazakhstan Stock Exchange. As the national atomic
company in the Republic of Kazakhstan, the Group's primary customers are
operators of nuclear generation capacity, and the principal export markets for
the Group's products are China, South and Eastern Asia, Europe and North
America. The Group sells uranium and uranium products under long-term
contracts, short-term contracts, as well as in the spot market, directly from
its headquarters in Nur-Sultan, Kazakhstan, and through its Switzerland-based
trading subsidiary, Trade House KazakAtom AG (THK).

For more information, please see the Company website at
http://www.kazatomprom.kz (http://www.kazatomprom.kz)

Forward-looking statements

All statements other than statements of historical fact included in this
communication or document are forward-looking statements. Forward-looking
statements give the Company's current expectations and projections relating to
its financial condition, results of operations, plans, objectives, future
performance and business. These statements may include, without limitation,
any statements preceded by, followed by or including words such as "target,"
"believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan,"
"project," "will," "can have," "likely," "should," "would," "could" and other
words and terms of similar meaning or the negative thereof. Such
forward-looking statements involve known and unknown risks, uncertainties and
other important factors beyond the Company's control that could cause the
Company's actual results, performance or achievements to be materially
different from the expected results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements
are based on numerous assumptions regarding the Company's present and future
business strategies and the environment in which it will operate in the
future. THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS
BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO
SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE
OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE
CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL
BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED.
NONE OF THE COMPANY NOR ITS SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES,
ADVISORS OR AFFILIATES, OR ANY REPRESENTATIVES OR AFFILIATES OF THE FOREGOING,
ASSUMES RESPONSIBILITY FOR THE ACCURACY OF THE PROJECTIONS PRESENTED HEREIN.
The information contained in this communication or document, including but not
limited to forward-looking statements, applies only as of the date hereof and
is not intended to give any assurances as to future results. The Company
expressly disclaims any obligation or undertaking to disseminate any updates
or revisions to such information, including any financial data or
forward-looking statements, and will not publicly release any revisions it may
make to the Information that may result from any change in the Company's
expectations, any change in events, conditions or circumstances on which these
forward-looking statements are based, or other events or circumstances arising
after the date hereof.

 

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