MINEX Forum

Tag: Kazatomprom

  • Kazatomprom Reports Stable Operations Despite Geopolitical Uncertainty

    Kazatomprom Reports Stable Operations Despite Geopolitical Uncertainty

    Kazakhstan’s national uranium producer Kazatomprom has reported stable operations and financial performance despite ongoing geopolitical tensions, including conflicts in Ukraine and the Middle East.

    In its financial results for the year ended 31 December, the London-listed company stated that its production, exports and overall business activities remain unaffected. Uranium deliveries continue without disruption via both the Russian Federation and the Trans-Caspian International Transport Route, with no restrictions currently impacting shipments to customers.

    However, the company cautioned that broader geopolitical uncertainty and volatility in global capital markets could influence commodity prices and market conditions in the future.

    Chief Executive Officer Meirzhan Yussupov noted that the global nuclear energy sector is entering a more mature phase, with uranium increasingly recognised as a strategic resource within national energy security frameworks. According to him, major consumers are shifting focus from short-term price considerations to securing reliable long-term supply, entering contracts that extend well into the next decade.

    Despite this trend, Kazatomprom indicated that overall contracting activity in 2025 remained below actual demand levels, suggesting continued tightening in the uranium market.

    During the reporting period, the company expanded its international presence, adding Switzerland and the Czech Republic to its customer base, signing a supply agreement with a Japanese utility, and establishing a new long-term partnership with India.

    Kazatomprom also highlighted that the majority of its revenues and financing are denominated in US dollars, which provides a natural hedge against exchange rate fluctuations and supports financial stability.

    The company said it will continue to closely monitor global developments while maintaining operational resilience in a complex geopolitical environment.

  • Kazakhstan at PDAC 2026: The Next Major Frontier for Mineral Discoveries?

    Kazakhstan at PDAC 2026: The Next Major Frontier for Mineral Discoveries?

    This year marked a significant milestone as the Kazakhstan Chamber of Mines took the lead as the official organiser of Kazakhstan Day — and what a resounding success the debut turned out to be!

    Despite a packed PDAC schedule, the session drew an impressive crowd of over 130 industry leaders, investors, and exploration experts. The atmosphere in the room confirmed one thing: the global mining community is paying very close attention to Central Asia.

    MINEX Forum was proud to support the event as the Official Media Partner, capturing the insights that are shaping the next wave of exploration in the region.

    Key Highlights from the Plenary Session: The tone was set by Ruslan Baimishev, President of the Kazakhstan Chamber of Mines:

    “Kazakhstan is entering a new era of exploration — driven by robust reforms, international partnerships, and the soaring global demand for copper and critical metals.”

    We also heard high-level perspectives from H.E. Dauletbek Kussainov, Ambassador of Kazakhstan to Canada, and Iran Sharkhan, Vice-Minister of Industry and Construction.

    Expert Insights & Project Showcases: The technical session, “Unlocking New Discovery Potential in Kazakhstan,” featured a stellar line-up including Tim Barry (Arras Minerals), Charlie Liu (Zijin Mining), Simon Cooper (Pallas Resources), and world-renowned experts Anna Fonseca and Professor Jeffrey Hedenquist.

    The afternoon shifted to tangible opportunities, with project presentations from AMG Ltd, Kogadyr Gold, Taskora, and Muzbel. As Tim Barry aptly put it: “Kazakhstan offers unique opportunities for Canadian juniors to enter new jurisdictions — and the future looks bright.”

    Kazakhstan is no longer just a “prospective” jurisdiction; it is rapidly becoming the territory where the next big copper success stories are being written.

    Special thanks to the Kazakhstan Day partners:

    • General Sponsors: Aurora Minerals Group, NAC Kazatomprom, Pallas Resources.

    • Sponsors: Arras Minerals, TauGold Copper.

    Missed the session?  📺 Watch the session recordings and download expert presentations at:

  • Katco JV Boosts Uranium Output to 3,700 Tonnes in 2025, Strengthening Orano’s Overseas Portfolio

    Katco JV Boosts Uranium Output to 3,700 Tonnes in 2025, Strengthening Orano’s Overseas Portfolio

    The uranium joint venture Katco, owned by France’s Orano (51%) and Kazakhstan’s Kazatomprom (49%), produced more than 3,700 tonnes of uranium in 2025, marking a significant increase in output following the commissioning of the South Tortkuduk section at the Moinkum deposit.

    The figures were disclosed during a conference call by Orano, which confirmed that production at Katco rose from just under 2,400 tonnes in 2024 to slightly above 3,700 tonnes in 2025. Katco operates at the South and Tortkuduk sections of the Moinkum uranium field in the Sozak district of Turkestan region.

    Development of the South Tortkuduk project, formalised through an additional agreement in 2022, has enabled the joint venture to extend production by up to 15 years while targeting annual output of around 4,000 tonnes. A new uranium processing plant under the South Tortkuduk project was launched in July 2024, with production from the new section gradually replacing output from older mining areas.

    According to Kazatomprom’s annual reports, Katco produced 2,564 tonnes in 2022, 2,103 tonnes in 2023 and 2,388 tonnes in 2024, underscoring the scale of the 2025 increase. As of the end of 2024, Katco’s uranium reserves stood at 47,900 tonnes. Based on 2025 production levels, reserves may have declined to approximately 44,200 tonnes by year-end. With a subsoil use contract valid until 2039, sustained production at 4,000 tonnes per year would allow remaining reserves to be mined over roughly 11 years.

    Financially, Katco remains one of Orano’s most profitable international uranium assets. In 2025, the Kazakh joint venture generated €628 million in revenue and €324 million in net profit, compared with €479 million and €273 million respectively in 2024.

    Kazatomprom’s share of net income amounted to €159 million, reflecting its 49 percent ownership stake, along with an additional €36 million under a previously agreed 11 percent profit distribution arrangement valid through the end of the contract period. This implies that Orano’s net income from Katco in 2025 totalled approximately €129 million, a significant contribution given the French group’s adjusted net loss of €25 million for the year.

    During the call, Orano’s management also indicated plans to expand exploration activities into Canada, Botswana, Australia and Mongolia, as the company seeks to diversify its uranium portfolio following the loss of operations in Niger, which had previously accounted for a substantial share of its global production.

  • Laramide Resources exits uranium exploration project in Kazakhstan’s Chu-Sarysu basin

    Laramide Resources exits uranium exploration project in Kazakhstan’s Chu-Sarysu basin

    Canada-listed uranium developer Laramide Resources has terminated its option agreement to explore for uranium in Kazakhstan’s Chu-Sarysu basin, citing regulatory changes that have reduced the project’s economic attractiveness.

    In a company statement reported by inbusiness.kz, Laramide said it had decided to immediately withdraw from its agreement with Aral Resources, which granted access to more than 5,500 sq km of prospective ground near major uranium deposits and operating mines controlled by national producer Kazatomprom.

    Laramide explained that amendments made late last year to Kazakhstan’s Subsoil and Subsoil Use Code significantly altered the investment framework for uranium exploration. The changes increased Kazatomprom’s mandatory participation in new uranium mining ventures from 50% to 75% and granted the national company priority rights to uranium exploration, effectively limiting opportunities for foreign juniors.

    The option agreement, signed in 2024, envisaged securing up to 22 licenses in the Chu-Sarysu basin, an area considered prospective not only for uranium but also for copper and other minerals. Aral Resources had previously planned to invest tens of billions of tenge in exploration across the licensed areas.

    Laramide said it will now refocus on uranium projects in Australia and the United States, which it described as more competitive and stable mining jurisdictions.

    Commenting on the decision, Laramide CEO Mark Henderson said Kazakhstan’s policy amounted to a de facto nationalisation of future uranium exploration, increasing political, country and potential expropriation risks for new entrants. He warned that while Kazakhstan is seeking to secure long-term control over new discoveries, Kazatomprom itself faces a looming decline in its resource base, according to its own investor disclosures.

    Henderson added that underinvestment in global uranium exploration is likely to deepen future supply deficits, potentially driving uranium prices significantly higher to incentivise new discoveries and development.

  • Kazakhstan Moves to Tighten State Control Over Uranium Reserves With New Subsoil Code Amendments

    Kazakhstan Moves to Tighten State Control Over Uranium Reserves With New Subsoil Code Amendments

    Kazakhstan’s Senate has approved, in two readings, a package of amendments to the Subsoil and Subsoil Use Code aimed at significantly strengthening state control over the country’s strategic uranium reserves. The reform marks one of the most substantial regulatory shifts in Kazakhstan’s uranium sector in recent years, reinforcing the dominant role of national company Kazatomprom and tightening restrictions on foreign participation.

    Under the proposed amendments, if geological exploration confirms uranium mineralisation or deposits, subsoil users will be required either to return the explored area to the state or to transfer priority purchase rights for uranium to the national company. Lawmakers say the measure is designed to eliminate risks associated with “parallel activities” by different subsoil users operating on overlapping or adjoining territories.

    Deputy Shakarim Buktugutov, cited by Kapital.kz, explained that the changes will limit the issuance of exploration licences in areas where uranium deposits or mineralisation have already been identified. Third parties will no longer be able to obtain licences to explore solid minerals in territories where uranium mining is already under way or where uranium occurrences have been officially confirmed.

    A company that discovers uranium deposits will only be able to extend its licence if it relinquishes the area containing uranium mineralisation. The rule will not apply to operations where uranium is produced as a by-product or to existing projects operated by Kazatomprom.

    The amendments also introduce stricter limits on foreign ownership. According to Deputy Chair of the Atomic Energy Agency Aset Makhambetov, foreign companies’ stakes in new uranium ventures will be capped at 25%.

    Current law requires that the national company hold more than 50% in joint uranium projects, but the new amendments will raise Kazatomprom’s minimum mandatory stake to 75%, consolidating state control over future uranium production and strategic resource development.

  • C29 Metals Withdraws from Kazakhstan After Denial of Rights to Uranium Project

    C29 Metals Withdraws from Kazakhstan After Denial of Rights to Uranium Project

    Australian geological company C29 Metals has announced it is ending its operations in Kazakhstan after regulators rejected its applications to obtain rights for geological exploration (GER) at the Ulutau uranium project in the Zhambyl region. The company had previously sought a stake in the project and had secured environmental approval for exploratory drilling on one block, while considering additional exploration on three more areas of the deposit, whose historical resources are estimated at 3,800 tonnes of uranium.

    To acquire 100% of the rights for exploration, C29 Metals issued additional shares worth 3 million Australian dollars, but their value has since dropped by more than half. According to the company’s report, total losses exceeded 4.9 million Australian dollars.

    Kazakhstan’s regulator rejected both the initial and repeat applications, the latter submitted in March 2025. Local media attributed the decision to national security concerns. As a result, C29 Metals has suspended exploration activities that were to be carried out in partnership with Volkovgeology, a subsidiary of Kazatomprom.

    Under current legislation, licenses for uranium production in Kazakhstan are issued only to companies in which Kazatomprom holds at least a 51% stake. Previously, such restrictions did not apply to exploration, but the Mazhilis is now reviewing amendments that would grant the national company priority rights for exploration in areas containing strategic uranium reserves. Analysts suggest that both administrative hurdles and the prospect of legislative changes may have pushed the Australian investor to abandon the project.

  • Yellow Cake to Raise $125M for Uranium Purchase from Kazatomprom

    Yellow Cake to Raise $125M for Uranium Purchase from Kazatomprom

    London-listed uranium investment company Yellow Cake has announced plans to raise about $125 million (£92.5 million) through a non-pre-emptive placing of new ordinary shares. The funds will be used to acquire 1.33 million pounds of uranium from Kazatomprom, Kazakhstan’s state-owned uranium producer.

    The new shares will be placed at £5.64 each, equal to Yellow Cake’s closing mid-market price on September 22. The accelerated bookbuild is being managed by Canaccord Genuity as sole bookrunner, with Berenberg and Panmure Liberum as joint co-managers. Bacchus Capital, which founded Yellow Cake, is acting as financial adviser.

    Proceeds from the placing will finance the full exercise of the company’s 2025 purchase option under its long-term supply agreement with Kazatomprom at $75.08 per pound of uranium — representing a 7.1% discount to the current spot price of $80.80/lb. Delivery of the uranium is expected in 2026, with funds also allocated to cover working capital, corporate expenses, and placing costs.

    Yellow Cake said the implied pro forma net asset value (NAV) at the Kazatomprom purchase price stands at £1.21 billion, or £5.60 a share, rising to £1.3 billion, or £6.02 a share, based on the current spot price.

    CEO Andre Liebenberg emphasized the company’s confidence in uranium’s long-term market fundamentals: “Secured prior to our 2018 IPO, this agreement allows Yellow Cake to acquire up to $100 million of uranium annually through to 2027 at a fixed price, providing a key strategic advantage in today’s tightening market.”

    He added that global nuclear energy expansion, production constraints, and rising demand for secure uranium supply continue to strengthen the investment case.

    Yellow Cake currently holds 21.68 million pounds of uranium in storage in Canada and France. Once the new delivery is completed, the company’s holdings will rise further, reinforcing its position as a leading vehicle for direct exposure to physical uranium.

  • Kazatomprom Retains Baa1 Rating Following Moody’s Review

    Kazatomprom Retains Baa1 Rating Following Moody’s Review

    Moody’s Ratings has confirmed JSC National Atomic Company Kazatomprom’s credit rating at ‘Baa1’ with a Stable outlook following a periodic review published on 10 September 2025. The agency underscored the company’s pivotal role in Kazakhstan’s economy, given state oversight via the sovereign wealth fund Samruk-Kazyna.

    Kazatomprom’s rating reflects its robust financial metrics, low production costs, and dominance in uranium supply—accounting for roughly 20% of global output. Moody’s also noted its vast uranium reserves, operational diversification, and long-term client contracts as key strengths.

    The review reiterated Kazatomprom’s alignment with Kazakhstan’s strategic interests, reinforcing investor confidence. For further details, refer to Moody’s press release.

  • Kazatomprom Expands Exploration and Seeks International Ventures

    Kazatomprom Expands Exploration and Seeks International Ventures

    Kazatomprom, the world’s largest uranium producer, has announced plans to significantly increase its exploration activities both in Kazakhstan and internationally, as the company seeks to capitalise on growing global demand for uranium. The state-controlled giant revealed that it will triple its exploration efforts in Kazakhstan while also pursuing new ventures abroad, following recent agreements with Jordan and Mongolia.

    Currently, Kazatomprom produces all of its uranium domestically, but last week the company signed a landmark agreement with Jordan to develop the country’s uranium assets. Meirzhan Yussupov, the company’s CEO, addressed the World Nuclear Symposium in London, highlighting the company’s reputation in mining and its growing interest in international expansion. “We are acknowledged for our ability to do mining, and that’s why … we are also looking at opportunities abroad,” Yussupov said.

    Kazatomprom has also made strides beyond Kazakhstan’s borders in recent years. Last year, the company signed a cooperation agreement with Mongolia’s state nuclear company, Mon-Atom, and Yussupov hinted that further international opportunities are being explored, although he did not provide specific details.

    “We are trying to diversify our operations on a global scale geographically,” Yussupov explained, reinforcing the company’s strategy of global expansion.

    The push for greater international expansion comes amid rising demand for uranium. The World Nuclear Association’s report, released on Friday, warned that global uranium demand for nuclear reactors is expected to more than double by 2040, necessitating the development of new mining operations. To meet this demand, Kazatomprom has launched an ambitious exploration programme in Kazakhstan, increasing its exploration capacity threefold.

    The company, which supplies about 20% of the world’s primary uranium, has already seen growth in its output. In the first half of 2025, Kazatomprom boosted production by 13% and confirmed its production guidance for 2025. However, it also noted that it plans to scale back its output expansion in 2026 due to market conditions.

    Uranium prices have been on the rise, more than doubling over the past five years to $76 per pound. However, prices are still well below the February 2024 peak of $106 per pound, which was the highest level seen since November 2007.

    With increased exploration efforts and an eye on global diversification, Kazatomprom appears poised to strengthen its position as a key player in the uranium market, aligning with the long-term outlook of rising nuclear energy demand worldwide.

  • Astana and Amman to Establish Joint Venture for Uranium Development in Jordan

    Astana and Amman to Establish Joint Venture for Uranium Development in Jordan

    Tuesday, 27 August 2025

    Kazakhstan and Jordan have announced plans to create a joint venture for the development of uranium deposits in Jordan. The agreement was revealed by Nurlan Zhakupov, Chairman of the Board of the “Samruk-Kazyna” Sovereign Wealth Fund, during a press briefing on Wednesday.

    According to Zhakupov, the joint venture will be established between Kazatomprom, Kazakhstan’s national uranium company, and Jordan’s national uranium company. The agreement, signed during the visit of Jordan’s King Abdullah II, is a legally binding document that outlines the creation of the joint venture by the end of 2026.

    Scientific and Industrial Collaboration

    Under the agreement, both parties will conduct scientific research and pilot industrial work to assess the extractability and enrichability of uranium in Jordan. If the results are positive, the joint venture will be finalized by the end of 2026, with Kazatomprom holding a 70% stake and the Jordanian company owning the remaining 30%.

    Kazatomprom, the national operator for uranium exports and related products in Kazakhstan, operates under the management of the “Samruk-Kazyna” fund. The company is responsible for the export of uranium, rare metals, nuclear fuel for power plants, and specialized equipment.

    Previous Agreements and Future Prospects

    In February 2025, Kazatomprom and the Jordan Uranium Mining Company (JUMCO) signed a memorandum of cooperation to jointly study projects related to uranium exploration and mining in Jordan. The decision to collaborate was made during the fifth meeting of the Kazakh-Jordanian intergovernmental commission at the end of 2024.

    The establishment of this joint venture underscores the strategic cooperation between Kazakhstan and Jordan in the nuclear energy sector, with both countries aiming to leverage their resources for mutual economic benefit.