Receipt of Uranium One's first dividend payment related to the Betpak Dala project in Kazakhstan acts as a big sigh of relief for the company, says Bart Jaworski, analyst at Raymond James. But he also believes Uranium One's Kazakhstan project still faces a couple of potential "blindspots" in the coming months.

Uranium One Inc. announced Monday that it has received the first dividend payment worth US$40 million net of Kazakh withholding taxes from its 70%-interest in the Betpak Dala joint venture in Kazakhstan.

"We view the receipt of the first dividend payment as a major positive milestone for Uranium One, given repatriation of the funds was neither delayed nor subject to a higher-than-expected withholding tax," Mr. Jaworski said in a note to clients.

That said, the analyst is worried about the negative impact of the upcoming tax and subsoil use legislation, noting that Kazakhstan's President Nazerbayev is rumoured to sign the country's new tax legislation over the next few days.

"In addition to the drop in coporate income tax to 15% (from 30%; as previously reported by media) the new Mineral Extraction Tax (MET) is purported to be 22% for uranium (effective Jan-01-09).

But, added Mr. Jaworski, the MET could be "increased to as high as 24% and may be based on 120% of cash costs." He maintained his "outperform" rating and $1.80 price target until official word comes.