MINEX Forum

Tag: uranium

  • Kazatomprom to Invest up to 85 Billion Tenge in Uranium Exploration by 2030

    Kazatomprom to Invest up to 85 Billion Tenge in Uranium Exploration by 2030

    Kazakhstan’s national atomic company Kazatomprom is accelerating its exploration activities and expanding its mineral resource base, with planned investments of 75 to 85 billion tenge in geological exploration by 2030.

    The announcement was made by CEO Meirzhan Yussupov during a meeting with President Kassym-Jomart Tokayev. According to the company, six uranium exploration areas have already been identified across Kazakhstan, covering a total area of more than 1000 square kilometres.

    Kazatomprom reported that its group enterprises produced 25.8 thousand tonnes of uranium in 2024, with 13.5 thousand tonnes attributable directly to the company. Sales volumes increased by 11% in 2025, reaching 18.5 thousand tonnes, reflecting steady demand growth in global markets.

    As part of its development strategy for 2025–2034, the company is actively expanding its international presence. Over the past year, Kazatomprom has signed supply agreements with major global energy players, including Switzerland’s AxpoPower AG, Czech utility ČEZ Group and Japan’s Kansai Electric Power. In addition, negotiations are underway for a long-term uranium concentrate supply agreement with India.

    The company is also prioritising technological innovation, with a dedicated strategy focused on improving operational efficiency, reducing environmental impact and implementation solutions across its production processes.

    Industry forecasts support the company’s long-term outlook. According to the World Nuclear Association, global nuclear generating capacity could reach 746 GW by 2040, while uranium demand may rise to 150 thousand tonnes annually.

    Against the backdrop of anticipated supply shortages and growing reliance on nuclear energy, Kazatomprom is focusing on expanding its resource base and securing long-term contracts to maintain its leading position in the global uranium market.

  • 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.

  • 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.

  • Berkeley Energia Seeks $1.25 Billion From Spain Over Blocked Salamanca Uranium Project

    Berkeley Energia Seeks $1.25 Billion From Spain Over Blocked Salamanca Uranium Project

    Australia’s Berkeley Energia said on Friday it has filed a memorial of claim worth about $1.25 billion against Spain at the World Bank’s arbitration tribunal, escalating its long-running dispute over the stalled Salamanca uranium project.

    The company said its subsidiary, Berkeley Exploration, submitted the claim to the International Centre for Settlement of Investment Disputes. The filing includes detailed factual background on the project and the dispute, witness statements, an assessment of damages, and supporting expert reports.

    Berkeley initially launched arbitration proceedings in May 2024, seeking $1 billion in damages after the Spanish government declined to grant final approval for the uranium mine. The Salamanca project, located near the city of Salamanca in western Spain, received preliminary approval in 2013. However, Spain’s Energy Ministry refused to issue final approval in 2021 and again in 2023.

    In 2024, Berkeley accused Spain of breaching its obligations under the Energy Charter Treaty, an international framework intended to promote energy security through open and competitive energy markets.

    Spain now has until July 2026 to submit its response to the memorial of claim, Berkeley said. The announcement weighed on investor sentiment, with Berkeley shares falling as much as 8.8% to A$0.52, broadly in line with weakness across the mining sector, where the sub-index was down 2.8% at the same time.

  • 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.

  • Kazakhstan Changes R&D Funding Mechanism for Subsoil Users

    Kazakhstan Changes R&D Funding Mechanism for Subsoil Users

    Kazakhstan has revised the procedure for financing research and development (R&D) by subsoil users operating in the hydrocarbons and uranium sectors, the Ministry of Energy has reported.

    Under a joint order signed on 17 December 2025 by the Ministry of Energy and the Ministry of Science and Higher Education, amendments were introduced to the rules governing the funding of scientific research, scientific and technical work, and experimental development (R&D) during the production phase.

    The key change concerns the mechanism for transferring funds. In line with the President’s instructions to centralise mandatory contributions and to align procedures with the Budget Code of Kazakhstan (Article 9, Paragraph 2), subsoil users extracting hydrocarbons and uranium will now be required to transfer R&D contributions directly to the republican budget.

    To implement this change, a dedicated budget classification code has been approved:
    KBC 401103 — “Contributions by subsoil users for scientific research, scientific and technical, and (or) experimental development works on the territory of the Republic of Kazakhstan.”

    Previously, the mandatory 1% R&D contribution paid by producing companies was administered and allocated by the Ministry of Energy.

    The amendments were officially published in the Reference Control Bank of Regulatory Legal Acts of Kazakhstan on 20 November 2025 and will enter into force after a 60-calendar-day transition period, on 19 January 2026.

  • 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.

  • Sweden Lifts Uranium Mining Ban, Opening Path to Exploration from January

    Sweden Lifts Uranium Mining Ban, Opening Path to Exploration from January

    Sweden’s parliament, the Riksdag, has voted to repeal a 2018 moratorium on uranium mining, reopening the country to exploration and production beginning January 1. The decision restores uranium’s status under the Minerals Act, enabling companies to apply for exploration and mining concessions after a seven-year freeze.

    The move positions Sweden — which holds an estimated 27% of Europe’s known uranium resources, according to the Geological Survey of Sweden — to play a larger role in Europe’s energy transition and nuclear fuel supply security.

    “It is very positive that the Riksdag is now backing the government’s proposal,” said Maria Sunér, CEO of the Swedish Mining Association (Svemin). “There are no factual reasons for uranium to be treated differently than other metals, and it is therefore entirely reasonable that we now have the opportunity to utilize the resources found in our bedrock efficiently.”

    A municipal veto on handling small quantities of uranium was also narrowed, reducing local barriers to development.

    Policy Shift and Strategic Context

    The repeal caps a two-year legislative push led by Sweden’s Climate and Enterprise Ministry. The government formally presented the bill in August 2025, describing uranium as strategic for both nuclear energy expansion and raw-materials security.

    Sweden operates six nuclear reactors, supplying roughly one-third of the nation’s electricity. Plans are underway to build several new reactors over the next decade to meet surging power demand.

    The change also aligns with broader EU supply-chain resilience goals, as the bloc seeks to reduce its dependence on imported uranium, particularly from Russia.

    Exploration Ready to Resume

    Several companies are preparing to act immediately.

    Australian explorer Aura Energy (ASX: AEE; AIM: AURA), which controls the Häggån polymetallic deposit in Jämtland, has already submitted a 25-year exploitation permit to Sweden’s Mining Inspectorate. Häggån’s JORC resource includes roughly 800 million lb of uranium oxide (U₃O₈) within a 2.55-billion-tonne vanadium deposit.

    “This vote means that from now on uranium has the potential to be an important contributor to Sweden’s economy and energy security and to support the region’s intention to triple nuclear power,” said Aura executive chairman Phil Mitchell.

    Canada’s District Metals (TSXV: DMX) also hailed the vote as a “historic step.” The company plans fieldwork in 2026 at its Viken project, including geophysics, drilling, and economic studies. Viken hosts an indicated resource of 176 million lb U₃O₈ and an inferred resource of 1.54 billion lb U₃O₈, alongside vanadium and molybdenum.

    Market Response

    Despite the legislative breakthrough, uranium developers saw modest share pullbacks:

    • Aura Energy fell 7% to A$0.20, trimming its 12-month gain to 46% (market cap A$188 million / $122 million).

    • District Metals slipped 6% to C$1.37, giving it a valuation of C$228 million ($162 million), though its stock has quadrupled in the past year.

    Next Steps

    A separate proposal is now under consultation until December 3 to redefine uranium mining so it is no longer legally classified as a nuclear installation. If adopted, that change would take effect on July 1, 2026, further simplifying the permitting process.

  • Sweden’s Parliament Lifts Uranium Mining Ban Amid Narrow Vote and Environmental Concerns

    Sweden’s Parliament Lifts Uranium Mining Ban Amid Narrow Vote and Environmental Concerns

    The Swedish Parliament (Riksdag) has narrowly voted to lift the national ban on uranium mining, reopening the door to domestic extraction of the nuclear fuel for the first time since 2018.

    The decision passed by just one vote, with support from the government coalition and the Sweden Democrats, while the opposition — including the Green Party and Social Democrats — strongly opposed the measure.

    Supporters of the move argue that uranium mining is essential for Sweden’s long-term energy stability as the country expands its nuclear power capacity. Critics, however, warn that the decision poses significant environmental and social risks, particularly for rural municipalities with uranium-rich deposits.

    “This is a step backwards for environmental protection and public safety,” said Amanda Lind, a Green Party representative, sharply criticising the government’s decision.

    Key Changes and Next Steps

    Under the new legislation, mines with small uranium reserves will no longer be subject to strict permit requirements or municipal veto rights, which had previously allowed local authorities to block mining projects.
    This effectively simplifies the approval process and allows uranium to be treated as a secondary raw material in broader mining operations.

    The legal changes will take effect on January 1, with further reforms planned for mid-2026 that could fully abolish municipal veto powers and reclassify uranium extraction from a “nuclear instrument” to a “nuclear activity,” reducing procedural delays for industry.

    Local Concerns

    The decision has sparked strong reactions in uranium-rich regions such as Falköping, Östersund, and Vilhelmina, where local leaders and residents fear potential impacts on water quality, farmland, livestock, and rural landscapes.

    “We risk losing public trust if local communities feel overruled,” said one municipal council member quoted in Swedish media.

    Nuclear Expansion Context

    Sweden currently operates six nuclear reactors and plans to build additional ones in the next decade to meet rising electricity demand and reduce dependence on fossil fuels.

    The previous uranium mining ban, introduced in 2018 by the Social Democratic government, aimed to limit environmental risks and reduce nuclear proliferation concerns.

    However, following Russia’s invasion of Ukraine in 2022, Sweden halted uranium imports from Russia, which previously supplied state-owned utility Vattenfall AB. The government now sees domestic uranium extraction as a way to cut import costs and secure a stable fuel supply for its expanding nuclear fleet.

    The Bigger Picture

    The debate highlights Sweden’s broader energy dilemma — how to balance green transition goals, energy independence, and public environmental concerns.

    While the repeal marks a significant policy shift, it also deepens divisions between advocates of energy security and defenders of environmental safeguards.