Kazatomprom - The Times Of Central Asia

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Uranium Supply

Kazatomprom Secures New Uranium Block as Nuclear Demand Expands

Kazakhstan has granted its state-controlled uranium producer Kazatomprom six-year exploration rights to the Kyzyltu block in the Kyzylorda region, where preliminary resources are estimated at around 10,000 metric tons. Kazatomprom announced the exploration license on September 21 and said geological exploration would begin shortly to determine the block’s commercial potential. Kazakhstan remains the world’s largest uranium producer, accounting for roughly 40% of global mine production. Kazatomprom reported output of 25,839 metric tons in 2025 on a 100% basis, including its partners’ shares. The new exploration rights follow a wider effort by Kazatomprom to replenish its resource base. In March, the company outlined six prospective exploration areas covering more than 1,000 square kilometers, with planned exploration spending through 2030 of $155 million to $176 million. The company is also pursuing longer-term supply agreements with overseas buyers. An August outlook from Bloomberg Intelligence expects Kazatomprom and Canada’s Cameco to provide much of the increase in global uranium mine production during the remainder of this decade. Bloomberg estimates mined supply could rise 23% from 2025 levels to around 193 million pounds of U₃O₈ annually during 2028–2031. It estimates Kazatomprom could reach around 80 million pounds of U₃O₈ annually if sufficient sulfuric acid is available. In this base scenario, the uranium market could remain in surplus through 2031 before moving into deficit from 2032, as demand rises and depletion of low-cost reserves in Kazakhstan and Canada constrains supply. New mines generally require long development periods, limiting the ability of supply to respond quickly to higher demand. China is the largest near-term source of additional demand, accounting for 45% of nuclear capacity currently under construction or planned and has set a target of 110 gigawatts of nuclear capacity by 2030. The United States and European Union are also major markets for Central Asian uranium. U.S. civilian reactor operators purchased 46.9 million pounds of U₃O₈ equivalent in 2025, with Kazakhstan accounting for 28% of deliveries and Uzbekistan 7%, according to the U.S. Energy Information Administration. EU utilities purchased 14,678 metric tons of natural uranium in 2025, with Kazakhstan accounting for 20.3% of deliveries and Uzbekistan 10.4%, according to the Euratom Supply Agency. The European Commission’s nuclear investment assessment projects EU nuclear capacity rising from 98 gigawatts in 2025 to around 109 gigawatts by 2050. Kazakhstan also retains a production-cost advantage. Bloomberg attributes this largely to the widespread use of in-situ recovery, which allows uranium to be extracted without conventional open-pit or underground mining. Sulfuric Acid Supply Remains a Constraint Kazatomprom’s September 21 announcement also addressed Russian sulfuric-acid deliveries, an important issue because the chemical is used extensively in Kazakhstan’s in-situ uranium operations. The company said Russian measures introduced on September 12 had changed export approval procedures through the end of 2026, but had not prohibited exports. Russian suppliers had confirmed their intention to fulfill existing 2026 contracts and were seeking the necessary approvals. Kazatomprom said it did not expect the changes to have a material effect on its 2026 operations or production guidance. Talks over supplies...

Uranium

Kazakhstan’s Uranium Advantage Is Difficult to Replicate

Kazakhstan supplies about two-fifths of the world’s mined uranium, making it a critical supplier to nuclear markets in Asia, Europe, and the Americas. What sets it apart is not simply its resource base, but its ability to produce and deliver uranium at scale. Kazakhstan already dominates global uranium mining. It produced 25,839 tonnes in 2025, about 40% of world mine output, and production rose another 9% in the first half of 2026. It has been the world’s largest producer since 2009. Kazakhstan holds about 14% of identified global uranium resources, while Australia, Canada and others also have large deposits. Its advantage is that production capacity is already in place. Developing comparable new supply elsewhere would take years. Demand is meanwhile expected to rise. The OECD Nuclear Energy Agency and International Atomic Energy Agency project annual uranium requirements could rise by about 50% by 2050 in their lower case, and more than double in their higher case. In either scenario, Kazakhstan’s existing production base would be hard to quickly replace. A Uranium Supplier Across Major Markets Kazakhstan supplies markets whose fuel-security priorities increasingly differ. Asia accounted for 56% of Kazatomprom’s consolidated uranium sales in 2025, according to its May 2026 investor handout. The Americas accounted for 25%, and Europe for 19%. The sales map gives commercial weight to Kazakhstan’s multi-vector foreign policy. China is a major customer and industrial partner. Russia remains an important partner through joint ventures, enrichment services, and long-term supply arrangements. European and North American utilities, meanwhile, buy Kazakh uranium as part of increasingly diversified procurement portfolios. Kazatomprom widened that customer base in 2025, adding buyers in Switzerland and the Czech Republic, and expanding relationships with Japan and India, according to its full-year financial results. What distinguishes Kazakhstan is the combination of scale and cross-market integration. It supplies Asian, European, and North American markets while maintaining industrial ties with China, Russia, and Western partners. That gives Kazakhstan room to tailor commercial arrangements to different markets. For Western buyers, this could support additional processing and transit options that meet their commercial and regulatory requirements. Kazakhstan could develop these while continuing to serve established Asian markets, attracting new investment while preserving its multi-vector position. Kazakhstan’s importance to the U.S. market is substantial. Kazakh-origin uranium accounted for 28% of deliveries to American civilian reactor operators in 2025, second only to Canada, according to the U.S. Energy Information Administration. Kazakhstan was also the EU’s second-largest source of natural uranium in 2025, accounting for 20.3% of deliveries to EU utilities, according to the Euratom Supply Agency. Kazakhstan’s production share does not mean that equivalent volumes are available for new customers. Twelve of Kazatomprom’s 14 mining operations are partially owned through partnerships, and much of their output is already committed under long-term contracts. Budenovskoye’s 2026 production, for example, is reserved under an existing offtake agreement for Russia’s civilian nuclear industry. Additional capacity would give Kazakhstan more flexibility to respond to demand across multiple markets. Kazakhstan’s Stability Underpins Global Uranium Supply Kazakhstan’s importance to uranium...

Uranium Supply

Kazatomprom Negotiates Long-Term Uranium Supply Deal with India

Kazakhstan’s national nuclear company Kazatomprom is negotiating a long-term uranium supply agreement with India as part of efforts to expand its presence in key global markets. The announcement was made by the company’s CEO, Meirzhan Yussupov, during a meeting with President Kassym-Jomart Tokayev, according to a statement published on the presidential administration’s website. The potential contract forms part of Kazatomprom’s development strategy for 2025-2034, which focuses on diversifying export destinations and strengthening the company’s competitive position. In 2025, the company has already concluded supply agreements with several international energy firms, including Switzerland’s Axpo Power AG, the Czech Republic’s ČEZ Group and Japan’s Kansai Electric Power Co. Kazakhstan remains the world’s largest producer of uranium, accounting for roughly 21% of global output. Total production in the country reached 25,800 tons last year, with 13,500 tons generated by Kazatomprom’s own projects. The company’s sales volumes rose by 11% to 18,500 tons. Kazatomprom is also expanding its resource base. Its exploration portfolio includes six new prospective sites covering more than 1,000 square kilometers. Investment in geological exploration through 2030 is projected at between $155 million and $176 million. The company has placed increased emphasis on research and technological development, adopting a strategy through 2034 aimed at improving mining efficiency, reducing environmental impact, and introducing new production solutions. Since its initial public offering in 2018, Kazatomprom’s market capitalization has increased more than seven times, reflecting stronger investor interest in the uranium sector amid rising global demand for nuclear energy. The company also continues to invest in social initiatives in the regions where it operates. In 2025, more than $22 million was allocated to regional development projects, including about $12.5 million provided under contractual obligations. The Times of Central Asia previously reported that Kazakhstan had amended its Subsurface Use Code, increasing the state’s regulatory role in the uranium industry and reinforcing Kazatomprom’s position in the sector.

Uranium

Kazakhstan Increases State Control Over Uranium Industry

Kazakhstan has introduced significant amendments to its Subsoil Use Code, reinforcing the role of the national atomic company Kazatomprom in the uranium sector and tightening state control over exploration and production rights. Kazatomprom, the world’s largest uranium producer, accounted for approximately 21% of global primary uranium output in 2024. Signed into law by President Kassym-Jomart Tokayev on December 26, 2025, the amendments grant Kazatomprom priority rights to obtain exploration licenses in prospective areas, as well as the authority to reserve blocks containing uranium mineralization and deposits. If uranium is discovered within solid mineral blocks licensed to other subsoil users, those licenses may only be extended if the relevant blocks are returned to the State. Importantly, private subsoil users who discover uranium deposits within their licensed areas will not receive priority rights for uranium production. If Kazatomprom is awarded a new subsoil use agreement, any transfer of that agreement is now limited to entities in which the company holds a direct or indirect stake of over 75%. This is a marked tightening from the previous threshold of 50%. These changes apply only to newly issued agreements and do not retroactively affect existing ones. Extensions of existing subsoil use agreements or increases in approved production volumes and reserves, are now permitted only if Kazatomprom holds at least a 90% stake in the joint venture. As an alternative, foreign partners may fulfill this condition by transferring uranium conversion and enrichment technologies to Kazatomprom or to a jointly established legal entity. Such transfers must include the construction of a processing facility and a guaranteed offtake contract covering at least 50% of its output over the life of the extended agreement. The revised legislation also expands the grounds for early termination of subsoil use agreements. These now include the depletion of uranium reserves and failure to meet obligations related to Kazatomprom’s ownership share or the required transfer of nuclear fuel cycle technologies. Additionally, the exclusive right to conduct further exploration at existing uranium deposits is reserved for Kazatomprom or entities in which it holds at least a 90% stake. The strengthened regulatory framework is widely seen as part of Kazakhstan’s strategy to assert greater state control over its uranium sector, as the country seeks to grow its presence in global nuclear fuel markets, particularly in Asia and Europe and advance domestic plans to build a nuclear power plant. In contrast, the same legal amendments introduced a more investor-friendly contract regime for hydrocarbon exploration and production in underexplored territories, as previously reported by The Times of Central Asia. According to the World Nuclear Association, Kazakhstan holds approximately 14% of the world’s uranium resources and produced about 23,270 tons of uranium in 2024. The country became the leading global uranium producer in 2009 and currently accounts for over 40% of worldwide output. Of Kazakhstan’s 13 uranium mining projects, three are wholly owned by Kazatomprom, while the remaining 10 are joint ventures with foreign partners. In 2024, Kazatomprom’s share of national uranium production totaled 12,286 tons.

Uranium

Kazakhstan to Supply Uranium to Slovakia Under New Memorandum

Kazakhstan’s national nuclear company, Kazatomprom, has signed a memorandum of understanding with Slovenské elektrárne a.s. (SEAS), Slovakia’s largest electricity producer, paving the way for future uranium exports to the Central European country. According to a company statement, the memorandum outlines the potential supply of natural uranium concentrate and, eventually, uranium dioxide (UO₂), to fuel Slovakia’s nuclear reactors. The agreement also sets the stage for identifying additional areas of long-term cooperation between the two energy firms. SEAS operates Slovakia’s two nuclear power plants, Bohunice and Mochovce, which collectively run five VVER-440 reactors. The company generates over 70% of Slovakia’s electricity. A controlling 66% stake in SEAS is held by Slovak Power Holding, with the remaining 34% owned by the Slovak government. “With the signing of this memorandum, we are taking an important step towards strengthening cooperation with our European partners,” said Meirzhan Yusupov, Chairman of the Board of Kazatomprom. “Slovakia is one of the countries where nuclear energy plays a key role in ensuring a sustainable energy supply. We hope this agreement lays the foundation for strong and mutually beneficial relations.” Branislav Stricek, CEO and Chairman of SEAS, emphasized the importance of diversifying nuclear fuel sources and expressed confidence in the long-term potential of partnering with the world’s largest uranium producer. Kazatomprom maintained its position as the leading global producer of natural uranium in 2024, accounting for 21% of total output, up from 20% in 2023. The company’s net profit reached $2.1 billion in 2024, marking a 95% increase year-on-year. Kazakh uranium is currently exported to markets across China, Southeast Asia, Europe, and the Americas. This new agreement with SEAS follows several recent deals with European energy providers. In February 2025, Kazatomprom signed its first uranium supply contract with Swiss firms Axpo Power AG and Kernkraftwerk Leibstadt AG to fuel the Beznau and Leibstadt nuclear power plants. In April, The Times of Central Asia, reported that the company had also entered into a similar agreement with Czech energy giant ČEZ.

Uranium

Kazakh Uranium to Power Czech Nuclear Plants

Kazakhstan’s National Atomic Company Kazatomprom has signed a contract with Czech energy giant ČEZ a.s. to supply natural uranium for the country’s nuclear power plants. The agreement marks a significant step in strengthening energy cooperation between Kazakhstan and the European Union. Expanding European Reach The contract, signed at ČEZ’s headquarters in Prague, represents a key milestone in the expansion of Kazatomprom’s uranium supply footprint in Europe. Under the seven-year deal, Kazakhstan will provide approximately one-third of the uranium needed for Westinghouse fuel assemblies used at the Temelín Nuclear Power Plant. Both parties emphasized the agreement’s importance for regional energy security and environmental sustainability. “With the signing of this agreement, Kazatomprom continues to expand its presence in Europe and strengthen its strategy to diversify its sales portfolio. This is another important milestone on our way to becoming the preferred partner for the global nuclear power industry,” said Vladislav Baiguzhin, Kazatomprom’s Chief Commercial Officer. Bogdan Zronek, head of ČEZ’s nuclear division, highlighted the strategic value of the partnership: “The partnership with Kazatomprom diversifies our supplier portfolio and is of strategic importance for ČEZ and the Czech Republic. It provides a stable and reliable source of fuel for our nuclear power plants.” ČEZ and the Czech Nuclear Sector ČEZ is Central Europe’s leading energy company, operating six nuclear reactors at the Temelín and Dukovany sites. Together, these facilities supply roughly 36% of the Czech Republic’s electricity. The company is actively advancing its VIZE 2030 decarbonization strategy, aiming to secure a stable, environmentally friendly energy future. Kazatomprom’s Global Standing Kazatomprom remains the world’s largest producer of natural uranium, accounting for about 21% of global primary production in 2024. All production is carried out in Kazakhstan using in-situ leaching, an environmentally safer extraction method. The company is certified under ISO 45001 and ISO 14001 standards. Kazatomprom exports uranium globally, with key markets in China, Southeast Asia, Europe, and North America. Deliveries are made via long-term contracts and the spot market, including through its Swiss-based subsidiary, Trading House KazakAtom. Ongoing International Partnerships The agreement with ČEZ builds on a strategic relationship initiated in 2016, when the two sides signed a memorandum to cooperate on nuclear fuel cycle projects, including exploration, mining, processing, reclamation, marketing, and technological innovation. In February 2025, Kazatomprom also signed its first-ever uranium supply contract with Switzerland’s Axpo Power AG and Kernkraftwerk Leibstadt AG for the Beznau and Leibstadt nuclear power plants. The latest deal further solidifies Kazatomprom’s position in Europe’s energy market and underscores the growing role of nuclear power in the region’s shift toward clean, sustainable energy sources.