Kazatomprom will not abandon its longstanding strategy of prioritising value over production volumes despite a surge in global nuclear demand driven by artificial intelligence power consumption, reactor construction in China and energy security concerns across Western markets, the company’s chief executive has said.
Meirzhan Yussupov told MINING.COM that the world’s largest uranium producer remains committed to a disciplined approach to supply management. “We have our ‘value over volume’ strategy, which we adopted many years ago. We don’t want to flood the market with cheap uranium. That’s how we create value for our stakeholders, for the next generations, and for our country,” he said.
The comments come as utilities focus increasingly on supply security rather than spot market pricing, and as China, India and Middle Eastern nations expand ambitious nuclear programmes. China alone is targeting more than 100 reactors by 2030 and as many as 200 by 2040 — a trajectory that could make it the world’s largest nuclear power market. Yussupov argued that nuclear power is becoming increasingly essential to grid reliability as renewable generation scales and AI-related electricity demand accelerates, creating structural tailwinds for uranium demand that are likely to persist for decades.
On downstream ambitions, Yussupov said Kazatomprom’s long-term goal is to host a complete nuclear fuel cycle within Kazakhstan, including conversion and enrichment capabilities, though he acknowledged that geopolitical and technology-transfer barriers remain significant. Conversion projects are receiving closer commercial scrutiny as market conditions improve and margins strengthen, with any investment decision subject to commercial returns and shareholder value considerations.
The company has also expanded use of the Trans-Caspian Middle Corridor for deliveries to Western customers, with as much as 65% of uranium shipped to Western markets in some recent years travelling through this route — providing an alternative to Russian transit corridors while preserving customer flexibility.
Yussupov positioned Kazatomprom as a broader ambassador for Kazakhstan’s investment credentials, noting the company’s seven-fold share price increase since its public listing and its role in demonstrating the country’s attractiveness to international capital. Kazakhstan’s stable regulatory framework, adherence to international non-proliferation standards and partnership with the International Atomic Energy Agency have been central to building trust with customers and shareholders, he said.
