MINEX Forum

Tag: uranium supply

  • Macron Calls for Reducing Europe’s Dependence on Russian Uranium

    Macron Calls for Reducing Europe’s Dependence on Russian Uranium

    French President Emmanuel Macron has called for Europe to reduce its reliance on Russian uranium supplies and diversify sources of nuclear fuel, pointing to several alternative producers including Uzbekistan.

    Speaking at an international nuclear energy summit in Paris, Macron said Europe remains significantly dependent on Russian uranium and must accelerate efforts to diversify supply chains. Among potential alternative suppliers, he mentioned Uzbekistan, Kazakhstan, Mongolia, Canada and Australia.

    Macron stressed that nuclear energy remains central to Europe’s long-term strategy for energy independence, economic decarbonisation and sustainable development.

    The French president also announced that France will soon hold a meeting of its Nuclear Policy Council in Paris, where new decisions regarding the development of the country’s nuclear energy sector are expected to be adopted.

    Uzbekistan has been increasing its uranium production in recent years. According to available data, the country produced about 7 000 tonnes of uranium last year, compared with around 4 000 tonnes in 2024.

    The country’s total identified uranium reserves are estimated at approximately 139 000 tonnes. Uzbekistan is also planning to expand production through the development of four additional uranium deposits.

    The renewed focus on alternative uranium suppliers comes amid growing concerns in Europe about the security of nuclear fuel supply as geopolitical tensions reshape global energy markets.

  • Kazatomprom Signs MoU with Slovakia’s SEAS to Strengthen Nuclear Energy Ties

    Kazatomprom Signs MoU with Slovakia’s SEAS to Strengthen Nuclear Energy Ties

    Kazakhstan’s national uranium producer Kazatomprom has entered into a Memorandum of Understanding (MoU) with Slovenské elektrárne a.s. (SEAS), Slovakia’s largest electricity provider, to foster long-term cooperation in the nuclear energy sector.

    The agreement marks the beginning of official collaboration between the two companies and outlines plans to supply natural uranium concentrate and potentially uranium dioxide (UO₂) for SEAS’s nuclear power plants. SEAS operates five VVER-440 reactors across two nuclear facilities—Bohunice and Mochovce—which collectively generate over 70% of Slovakia’s electricity.

    Meirzhan Yussupov, CEO of Kazatomprom, said the MoU is a significant step toward building strong relationships with European energy partners. “Nuclear energy is vital for Slovakia’s sustainable energy future. This memorandum paves the way for mutually beneficial collaboration,” he noted.

    Branislav Strycek, CEO and Chairman of SEAS, underscored the importance of diversifying nuclear fuel supply sources and welcomed the opportunity to work with the world’s leading uranium producer.

    The MoU also opens the door for further cooperation beyond fuel supply, potentially expanding Kazatomprom’s footprint in the European energy market. It aligns with the company’s broader strategy to engage with top European utilities and support the continent’s transition toward cleaner and more secure energy systems.

  • Kazatomprom and Romania’s SN Nuclearelectrica Discuss Expanding Uranium Supply Cooperation

    Kazatomprom and Romania’s SN Nuclearelectrica Discuss Expanding Uranium Supply Cooperation

    Kazatomprom, Kazakhstan’s national atomic company, held discussions with Romania’s Ministry of Energy and state-owned company SN Nuclearelectrica S.A. regarding the expansion of natural uranium supplies and the development of the beryllium industry.

    A key outcome of the talks was the discussion of terms for a ten-year contract to supply Kazakhstani natural uranium for Romania’s current and planned nuclear power plants. Kazatomprom anticipates that the contract will strengthen long-term cooperation between the two countries and provide reliable raw material supplies for Romania’s nuclear energy sector.

    Additionally, the Ulba Metallurgical Plant (UMP), a subsidiary of Kazatomprom, may begin processing Romanian beryllium. Romanian representatives expressed interest in scientific and technical cooperation with UMP and further exploration of processing beryllium raw materials from Romanian deposits. UMP specializes in processing beryllium and tantalum and exports its products globally.

    In Kazatomprom’s 2024 report, uranium production (proportional to its ownership share) reached 12.3 thousand tons, marking a 10% increase from 11.1 thousand tons in 2023 and 11.4 thousand tons in 2022. This growth was mainly driven by joint ventures Budenovskoye, Akbastau, and Karatau.

    However, production of beryllium products fell to 735.1 tons in 2024, down from 842.8 tons in 2023 and 1,295.4 tons in 2022. Tantalum production also declined, with 135.1 tons produced in 2024 compared to 153.8 tons in 2023 and 165.3 tons in 2022.

    Kazatomprom’s 2024 financial report stated that revenue reached 1.81 trillion tenge (up from 1.43 trillion tenge in 2023). The largest consumers of Kazakh uranium and other products included:

    • China: 663.7 billion tenge (522.5 billion tenge in 2023)

    • Kazakhstan: 336.6 billion tenge (182.6 billion tenge)

    • Russia: 253.2 billion tenge (215 billion tenge)

    • Canada: 164.9 billion tenge (131.1 billion tenge)

    • USA: 140.9 billion tenge (152.5 billion tenge)

    • France: 110.9 billion tenge (82.6 billion tenge)

    • United Kingdom: 44.7 billion tenge (40.6 billion tenge)

    • UAE: 29.3 billion tenge (no imports in 2023)

    Other countries purchased Kazakh products worth 69.2 billion tenge, down from 107.6 billion tenge in 2023. Although Romania was not among the largest consumers, Kazatomprom confirmed it continues to supply its products to the country.

  • Kazatomprom’s Resilience Amid Geopolitical Tensions: A Look at Uranium Supply Dynamics

    Kazatomprom’s Resilience Amid Geopolitical Tensions: A Look at Uranium Supply Dynamics

    Despite the geopolitical turbulence of 2023, the global demand for nuclear power, regarded as a stable and low-carbon energy source, has surged, according to Meirzhan Yussupov, CEO of Kazatomprom, Kazakhstan’s national atomic company. Yussupov highlighted Kazakhstan’s pivotal role, with the country contributing approximately 40% of the world’s uranium production annually, powering a significant portion of the world’s nuclear reactors.

    In light of ongoing global uncertainties and discussions about market bifurcation, Kazatomprom emphasizes its commitment to energy security. Positioned in an ESG-compliant and low-risk jurisdiction, the company asserts its capability to maintain its leadership as a reliable supplier of natural uranium, catering to utilities’ needs in diversifying their supply sources.

    Navigating through the constantly evolving sanctions landscape, Kazatomprom remains vigilant, continually assessing and monitoring sanctions risks. The company has devised an action plan to mitigate potential negative impacts, adjusting it as new risks emerge.

    Despite the geopolitical turmoil, Kazatomprom’s financial position remains robust. With the majority of revenues in US dollars and financing raised likewise, the company benefits from a natural hedging effect against currency risks.

    Regarding sanctions against Russian banks, Kazatomprom has refrained from engaging with sanctioned entities and redirected funds to unsanctioned banks. While maintaining services with Uranium Enrichment Center JSC in Russia, the company scrutinizes compliance with sanctions regimes, aiming to mitigate associated risks.

    Amid concerns about transportation disruptions due to sanctions, Kazatomprom ensures continuous monitoring of potential impacts. Leveraging the Trans-Caspian International Transport Route, the company mitigates risks associated with its primary uranium transportation route.

    Addressing proposed US legislation targeting Russian enriched uranium imports, Kazatomprom asserts its resilience, noting that its primary business focuses on natural uranium production, unaffected by the proposed ban.

    Despite market uncertainties stemming from geopolitical tensions, Kazatomprom reports strong financial performance in 2023. Consolidated revenue surged by 43% compared to 2022, reaching KZT1435 billion (USD3.19 billion), driven by factors such as increased spot market prices for U3O8 and additional sales volumes.

    Looking ahead to 2024, Kazatomprom maintains its production guidance, aiming for 21,000-22,500 tU (100% basis). While the company has secured necessary volumes of sulfuric acid, delays in construction works at new sites pose potential operating uncertainties for the year.