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Update on COGEMA's mining activities in Kazakhstan

Press release

May 23, 2003

Since the publication of a number of news articles in the press stating that COGEMA had invested $100 million US in a uranium mine in Kazakhstan, the COGEMA group would like to clarify that no decision has been made to date regarding such an investment.

COGEMA, via a joint French-Kazakh company, KATCO, in which it holds a 45% stake, has built, and has been operating in Kazakhstan since 2001, a low-capacity pilot uranium production plant (100 tons uranium per year).

A feasibility study for a large-scale industrial production project (1,000 tons uranium per year) was carried out based on the performance figures for the pilot plant. The initial findings of this study are encouraging.

Over the next few months, COGEMA hopes to finalize its studies and discuss with its Kazakh partner, KAZATOMPROM, the terms and conditions for future cooperation plans.

COGEMA will make a decision on whether or not to launch a large-scale project based on the conclusions of its studies. The size of the investment is yet to be determined.

Press Contact:
Charles Hufnagel
tel. + 33 (0) 1 44 83 71 17 – fax. + 33 (0) 1 44 83 25 52

Investors Relations:
Vincent Benoit - tel. + 33 (0) 1 44 83 71 79
Frédéric Potelle - tel. + 33 (0) 1 44 83 72 49