MINEX Forum

Tag: nuclear fuel

  • Kazakhstan’s Uranium Production Surges by 9% in H1 2026, Reports Kazatomprom

    Kazakhstan’s Uranium Production Surges by 9% in H1 2026, Reports Kazatomprom

    Kazakhstan has reported a significant increase in its uranium production for the first half of 2026, with output rising by 9% compared to the same period last year. According to Kazatomprom, the world’s largest uranium producer, the country produced 13,291 tonnes of uranium in the first six months of 2026, up from 12,242 tonnes in the first half of 2025. This growth highlights Kazakhstan’s pivotal role in the global uranium market, particularly as demand for nuclear fuel continues to rise amid a global push for cleaner energy sources.

    Kazatomprom, which is majority-owned by the Kazakh State fund Samruk-Kazyna, primarily sells uranium oxide concentrate under long-term contracts, with only a small fraction of its production being sold on the spot market. This strategic approach allows the company to maintain stable revenue streams while managing market fluctuations. The increase in production is indicative of Kazakhstan’s commitment to enhancing its mining capabilities and meeting the growing international demand for uranium, especially as many countries look to nuclear energy as a viable alternative to fossil fuels.

    The rise in uranium output also reflects broader trends in the mining sector, where companies are increasingly focusing on sustainable practices and efficient production methods. As Kazakhstan continues to expand its uranium production, it reinforces its position as a key player in the global energy landscape, contributing to the transition towards more sustainable energy solutions. With Kazatomprom listed on the London Stock Exchange since 2019, the company’s performance is closely watched by investors and analysts alike, signalling the importance of uranium in the future energy mix.

  • 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.

  • Uzbekistan Surpasses Uranium Production Targets and Accelerates Sector Expansion

    Uzbekistan Surpasses Uranium Production Targets and Accelerates Sector Expansion

    Uzbekistan has significantly exceeded its previously announced uranium production targets and plans to continue expanding the sector in the coming years, according to information cited by inbusiness.kz from Reuters.

    In 2025, the country increased uranium output to 7000 metric tons, well above earlier government projections. The disclosure was made by the presidential press service, which also said Uzbekistan intends to begin developing four new uranium deposits within the year.

    An official report, published for the first time with detailed production data, estimates Uzbekistan’s total uranium reserves at 139000 tons. These figures contrast sharply with earlier expectations from the national atomic energy agency, which had forecast production of just over 4200 tons for 2025.

    As part of its longer-term development strategy, Uzbekistan aims to raise annual uranium production to 7200 tons by 2030. Deputy Minister of Mining and Geology Ural Yusupov told state television that one project, with an estimated investment of $150 million, could start production as early as July this year.

  • Uzbek Firm “Navoiyuran” Signs €9M Deal to Transport Uranium Concentrate to France

    Uzbek Firm “Navoiyuran” Signs €9M Deal to Transport Uranium Concentrate to France

    Uzbekistan’s “Navoiyuran” has signed a €9 million contract with Kazakhstan’s “TOO Logistic Centre” to ship uranium concentrate to France, according to EURASIA TODAY. The agreement involves transporting 500 containers (totaling 6,000 tons) from Saint Petersburg port to Malvési in southern France.

    Under the deal, “TOO Logistic Centre” must deliver each batch within 15 days of departure from Russia, with all shipments completed by Q1 2026. Additionally, “Navoiyuran” plans to export uranium to the US and Canada via Russian routes and is currently seeking logistics partners for these shipments.

  • Germany’s Uranium Imports from Russia Surge in 2024 Amid EU Debates

    Germany’s Uranium Imports from Russia Surge in 2024 Amid EU Debates

    Germany significantly ramped up its uranium imports from Russia in 2024, recording a 70% increase to 60.8 tons, according to a report from Der Spiegel based on data from Lower Saxony’s Ministry for Environment, Energy, and Climate Protection. The uranium is processed at the Advanced Nuclear Fuels facility in Lingen, operated under French ownership through Framatome, part of energy company EDF. This facility is preparing specialized nuclear fuel cells for WWER reactors, a Soviet-era design predominantly used in Eastern Europe, which have traditionally relied on Russian-made fuel.

    Germany’s Federal Ministry for the Environment clarified that uranium imports for peaceful nuclear use are not restricted by current EU sanctions on Russia. This exemption highlights a gap in the EU’s energy embargo strategy, even as the bloc attempts to sever energy ties with Moscow. Attempts to impose nuclear-related sanctions have repeatedly stalled due to opposition from member states like Hungary and Slovakia, which rely heavily on Russian energy cooperation.

    Dan Jorgensen, the EU’s energy commissioner, recently admitted that the union’s efforts to curtail dependency on Russian energy, including nuclear fuel, have faltered. Jorgensen emphasized the need for a robust new strategy to address this issue, pointing out that existing policies are failing to achieve their intended goals. His proposed roadmap is expected to outline more effective measures to reduce reliance on Russian energy resources across the EU.

  • Western Dependence on Russian Nuclear Fuel Faces Increased Scrutiny

    Western Dependence on Russian Nuclear Fuel Faces Increased Scrutiny

    The Western reliance on Russian nuclear fuel has come under intensified scrutiny, with Orano, a major uranium supplier in the West, urging for either increased incentives or stricter sanctions to stimulate investment in alternative fuel sources. Nicolas Maes, the CEO of Orano, highlighted the necessity of long-term contracts to justify substantial investments in new uranium enrichment capacities. While the United States has already imposed a ban on Russian nuclear fuel imports, Europe’s ongoing dependence on Russian fuel complicates efforts to reach a consensus on similar sanctions.

    Orano is proactively addressing this issue by expanding its uranium enrichment facility in France, with production targeted by 2028. However, the project demands significant investment and assured demand to move forward effectively. Meanwhile, geopolitical tensions and supply chain issues continue to challenge uranium production globally, complicating the shift toward alternative nuclear fuel sources.

  • North American Uranium Stocks Surge Following Kazatomprom’s Disappointing Production Outlook

    North American Uranium Stocks Surge Following Kazatomprom’s Disappointing Production Outlook

    Uranium-focused investors in North America are rapidly investing in uranium mining companies after the world’s largest producer, Kazatomprom, released production guidance that fell short of market expectations. Shares in North American uranium miners are experiencing a significant rise in premarket trading after Kazakhstan’s state-owned uranium company announced it would produce between 25,000 tons to 26,500 tons of uranium next year. Although this is an increase compared to 2024 levels, analysts note that it falls short of the company’s subsoil use agreements in Kazakhstan.

    Adam Rodman, founder of Segra Capital Management, commented on Friday that this revised outlook brings the entire production curve down for several years, describing it as a “miss.” Rodman indicated that as a result, he would be increasing investments in North American uranium miners, including companies like NexGen Energy Ltd., where Segra Capital already holds shares.

    US-listed uranium stocks have already begun to soar in response. Cameco Corp. shares rose by as much as 7.2% in premarket trading, NexGen Energy’s US shares surged by nearly 13%, and Uranium Energy Corp. approached a 10% increase.

    Rodman also pointed out that Kazatomprom’s low production guidance might require the company to seek regulatory approval to downgrade its production targets for the year at several key sites. Despite Kazatomprom’s guidance suggesting a 7.1 million pound “ramp-up,” BMO Capital Markets analyst Alexander Pearce noted that the uranium market is expected to remain in a deficit.