The Kazakh government plans to sell at least 25% of state-owned uranium miner National Atomic Co. Kazatomprom JSC, The Wall Street Journal reported May 17, citing the miner's holding company.

Akhmetzhan Yessimov, head of the country's sovereign wealth fund Samruk Kazyna, said in an interview that the government hired Wall Street banks, including JPMorgan Chase & Co., to offer shares of Kazatomprom in London or Hong Kong.

The move had been touted for years but was delayed repeatedly by poor market conditions or concerns about energy security, the Journal reported.

Based on Kazatomprom's financial figures and other privatizations of Kazakh companies, the Journal estimates a 25% stake could be worth US$3.5 billion.