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 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’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.
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’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.
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.
During Finnish President Alexander Stubb’s official visit to Astana, Kazakhstan and Finland signed an agreement establishing cooperation between the nuclear energy regulators of both countries. The document outlines plans for experience exchange, joint research, and potential uranium fuel supply deals. The Finnish government will also consider the possibility of regular imports of nuclear fuel raw materials from Kazakhstan.
According to Almassadam Satkaliyev, head of Kazakhstan’s Atomic Energy Agency, the agreement creates a foundation for more detailed discussions on future volumes and conditions of uranium supplies to Finnish nuclear power plants. He emphasized that Finland holds a leading position in the field of peaceful nuclear energy, boasting significant achievements in operating nuclear technologies and conducting scientific and technical research.
Finland’s legislation is among the strictest in the world when it comes to regulating the extraction, management, and operation of nuclear facilities. Kazakhstan plans to adopt Finland’s best practices and conduct a joint audit of its own regulatory framework to align national standards with global benchmarks, Satkaliyev added.
Kazakh President Kassym-Jomart Tokayev has arrived in New York to take part in the 80th session of the UN General Assembly, beginning his working visit with a meeting with Tim Gitzel, president of multinational corporation Cameco, the Akorda press service reported.
The two sides discussed prospects for cooperation in the uranium sector. Tokayev stressed that Cameco has long been a reliable partner of Kazatomprom, having invested more than $500 million in Kazakhstan since entering the market and contributing to technology transfer.
The president noted that Kazakhstan is entering a new stage in its energy development, which includes plans to build three nuclear power plants. He said the country is interested in adopting innovative methods in the nuclear industry.
Gitzel provided an update on the operations of the Inkai joint venture, which has been developing the Inkai deposit in Turkestan Region for more than 25 years.
During his stay in New York, Tokayev will deliver remarks at the General Debate of the UNGA’s landmark 80th session, hold talks with world leaders and heads of international organisations, and take part in a roundtable with representatives of multinational companies to present Kazakhstan’s investment opportunities.
Kazakhstan’s ambition to transform itself into a linchpin of the global critical minerals supply was in sharp focus at the British-Kazakh Society’s (BKS) latest webinar, “Critical Minerals – A Closer Look at Kazakhstan and the Resource Base.”
Hosted online on 16 September, the event brought together government representatives, leading analysts, and industry insiders to scrutinise the nation’s mineral endowment, discuss its strategy for long-term sustainability, and evaluate opportunities for international partnership and investment.
Geological Promise and Policy Drive
In his welcome address, Yerlan Zeineshev, Economic Counsellor at the Kazakhstan Embassy in the UK, underscored the nation’s geological riches—including rare earths, lithium, copper, uranium, titanium, and vanadium—and signalled Kazakhstan’s determination to become “a key supplier for global critical mineral needs.” The country already produces 17 of the 34 critical minerals on the UK’s essential list, with potential to expand further given the right investment and technology.
Mr Zeineshev highlighted March 2024’s UK-Kazakhstan critical minerals roadmap, emphasising mutual aims for research, private investment, and technology transfer. He pledged continued reform to ensure an open, investor-friendly environment—citing adoption of international best practice in mining codes, long-term investment agreements, and digitalisation of geological data.
Supply Chain Resilience and Global Partnerships
Speakers and panellists closely examined how Kazakhstan’s neutral geopolitical stance and its position on the Trans-Caspian International Transport Route position the country as a reliable partner for nations seeking to diversify supply chains. As Enzo Grazella, Senior Analyst at the Critical Minerals Association, noted, this offers both Europe and the UK an alternative source to mitigate risk and reduce overreliance on a handful of global producers.
The UK government’s updated critical minerals strategy and increased focus on supply chain security were cited as drivers for stepped-up bilateral engagement, particularly in mining, refining, recycling, and advanced manufacturing. Initiatives backed by UK export finance, the European Bank for Reconstruction and Development (EBRD), and local reforms are fostering a more attractive investment climate.
Resource Development and Value Addition
Arkhat Kurmanbekov, Deputy Director General of Kazakhstan’s National Center for Technology Foresight, outlined the scale of Kazakhstan’s geological survey initiatives, with record levels of exploration funding and ambitious targets to increase the area surveyed to over 2.2 million km² by 2026. The nation aims not only to expand extraction but also to move up the value chain through domestic processing, production of battery materials, heat-resistant alloys, semiconductor materials, and recycling technologies. Industry success stories—such as providing titanium to Boeing and Airbus, or pioneering full-cycle beryllium plants—underline local expertise.
Market Dynamics, Price Volatility, and Sustainability Challenges
Caroline Messecar, Strategic Markets Editor at Fastmarkets Metals and Mining, discussed acute market vulnerability arising from concentrated global production—particularly for rare earth magnets vital to electric vehicles and wind turbines. China commands up to 89% of global magnet supply, and recent export controls have forced international markets to scramble for alternative sources, underscoring the strategic importance of new suppliers like Kazakhstan.
The panel noted that establishing downstream industries (such as magnet manufacturing) requires more than raw materials: it needs multidisciplinary technical skills, transparent and sustainable production, and robust ESG standards. Both Kazakh and UK speakers reaffirmed their commitments to high environmental and social standards, clarifying that responsible development can coexist with commercial viability.
Whatch the webinar recoding Video provided for the MINEX Forum readers by the British-Kazakh Society
Uzbekistan plans to increase production of gold and uranium this year by introducing new approaches in geological exploration, President Shavkat Mirziyoyev told national broadcaster Uzbekistan 24.
According to the president, the country’s total gold output stood at 86 tonnes in 2016, while by the end of 2025 it is expected to reach 118 tonnes. Uranium production volumes, he noted, have doubled over the same period.
Figures from the World Gold Council show that Uzbekistan produced more than 129 tonnes of gold in 2024, placing it among the world’s top ten producers of the precious metal.
In the first seven months of this year, Uzbekistan increased gold exports to $7.6 billion — 1.8 times higher than in the same period of 2024. Gold accounted for nearly 38% of the country’s total export revenues.
Navoi Mining and Metallurgical Company (NMMC), the country’s largest producer, raised its gold output in 2024 to 3.10 million ounces (96.4 tonnes), up 5.4% compared to 2023. The growth was attributed to the launch of new processing facilities.
