Almaty, Kazakhstan, 17 February 2025 – Kazatomprom, the world’s largest uranium producer and a subsidiary of Samruk-Kazyna, has signed its first contract to supply uranium to Swiss nuclear power plants. The agreement was signed with Axpo Power AG, a major Swiss energy company, in collaboration with Kernkraftwerk Leibstadt AG (KKL AG), the operator of the Leibstadt nuclear power plant.
The signing ceremony took place at Axpo Power AG’s headquarters in Switzerland during a visit by a Kazatomprom delegation. While the volume of the supply deal has not been disclosed, the agreement marks a significant step in Kazatomprom’s strategy to diversify its uranium sales channels and expand its global market reach.
“We are proud that this first commercial contract between Kazatomprom and Axpo opens the way for important cooperation between our companies,” said Vladislav Bayguzin, Chief Commercial Officer of Kazatomprom. “Expanding our sales geography underscores Kazatomprom’s recognition as a reliable uranium supplier in the global market. This contract is a crucial step in our strategy to diversify our sales channels.”
Bayguzin emphasised that the agreement plays a key role in ensuring energy security and decarbonisation, strengthening the partnership between the two companies and guaranteeing long-term supplies of natural uranium for Switzerland’s nuclear energy sector.
Bruno Zimmermann, Head of Nuclear Fuel at Axpo Power AG, echoed this sentiment, stating, “This agreement with Kazatomprom, the world’s leading uranium producer, is strategically significant for Axpo and KKL AG as we continue to diversify and secure our fuel supplies. Nuclear energy is a key element of our country’s low-carbon energy strategy, so reliable fuel supplies are crucial. Including Kazatomprom among our suppliers strengthens our ability to ensure stable energy supply in Switzerland and contribute to global decarbonisation efforts.”
This contract represents a new chapter in Kazatomprom’s collaboration with European nuclear power plant operators and reinforces its position as a leading player in the global uranium market. Notably, Axpo Power AG is also Switzerland’s largest producer of renewable energy, including solar and wind power.
Kazatomprom’s performance in 2024 saw growth in production of U3O8, reaching 23,270 tonnes, a 10% increase compared to 2023. However, sales volume declined to 16,670 tonnes, an 8% decrease from 2023. Despite this, the average sales price per pound of U3O8 reached $69.72 in 2024, a 27% increase from 2023’s $55.09 per pound. Spot prices averaged $85.24, a 36% increase compared to 2023’s $62.51.
Looking ahead, Kazatomprom anticipates producing between 25,000 and 26,500 tonnes of uranium in 2025, an increase of 7.4% to 13.9% compared to 2024. The company also projects a 20% allowable deviation in uranium production across its group of enterprises in 2025.
