MINEX Forum

Tag: uranium

  • Trump Suggests Ukraine Pay US Aid with Rare Earth Minerals

    Trump Suggests Ukraine Pay US Aid with Rare Earth Minerals

    President Donald Trump proposed on Monday that Ukraine compensate the United States for its substantial financial support in the ongoing conflict with Russia by supplying rare earth minerals, a critical resource for advanced technologies.

    Speaking to reporters at the White House, Trump emphasized the potential for an “equalisation” deal, referencing the nearly $300 billion in aid the United States has provided to Ukraine. “We’re telling Ukraine they have very valuable rare earths,” Trump stated. “We’re looking to do a deal with Ukraine where they’re going to secure what we’re giving them with their rare earths and other things.”

    The proposal highlights the strategic importance of rare earth minerals, a group of 17 metals essential for manufacturing electronics, electric vehicles, and other high-tech products. These minerals are crucial for power generation and motion technologies, with no known substitutes.

    While Trump did not specify exactly which minerals he was referencing, Ukraine does possess significant deposits of uranium, lithium, and titanium. However, the country is not considered a top-five global producer of these resources.

    The United States currently has limited rare earth mineral production, with only one operating mine and minimal processing capacity. In contrast, China dominates the global market for these critical minerals.

    The US Geological Survey identifies 50 minerals as critical for the country’s economic and national defense interests, including various rare earths, nickel, and lithium.

    The feasibility and potential diplomatic implications of Trump’s proposed mineral-for-aid exchange remain unclear, and further details have not been provided.

  • Kazatomprom Secures Exclusive Uranium Exploration License for Inkai-Mynkuduk Block in Turkestan Region

    Kazatomprom Secures Exclusive Uranium Exploration License for Inkai-Mynkuduk Block in Turkestan Region

    National Atomic Company Kazatomprom JSC (Kazatomprom), the world’s largest uranium producer, announced on 30 January 2025 that it has secured an exclusive subsoil use license to explore uranium deposits at the Inkai-Mynkuduk block, located on the northern flank of the Inkai deposit in Kazakhstan’s Turkestan region. The license, granted by Kazakh authorities, permits exploration activities for six years, with an option to extend for an additional five years.

    Strategic Expansion in Shu-Sarysu Uranium Province
    The newly licensed Inkai-Mynkuduk block lies within the prolific Shu-Sarysu uranium province, a region renowned for its sandstone-hosted uranium reserves. Preliminary geological assessments estimate inferred resources (P1 and P2 categories) exceeding 20,000 tonnes of uranium, underscoring the area’s potential to bolster Kazakhstan’s position as a global leader in uranium supply.

    CEO Highlights Growth and Sustainability Goals
    “This license marks a pivotal step in our strategy to secure long-term resource bases while adhering to sustainable extraction practices,” said Yerzhan Mukanov, CEO of Kazatomprom. “The Inkai-Mynkuduk block complements our existing operations and aligns with growing global demand for nuclear energy as a low-carbon solution.”

    Next Steps
    Kazatomprom plans to commence exploration activities immediately, focusing on detailed geological surveys and drilling programs to confirm resource estimates. The company emphasised its commitment to environmental stewardship and community engagement throughout the project lifecycle.

    About Kazatomprom
    National Atomic Company Kazatomprom JSC is the world’s largest producer of natural uranium, with operations across Kazakhstan. The company supplies uranium to nuclear utilities globally and prioritizes safe, sustainable mining practices aligned with the UN Sustainable Development Goals. Kazatomprom’s shares are listed on the London Stock Exchange (LSE: KAP) and the Astana International Exchange (AIX: KAP).

    For media inquiries:
    Kazatomprom Press Office
    Email: press@kazatomprom.kz
    Phone: +7 (7172) 45 80 63

    Forward-Looking Statements
    This release contains forward-looking statements regarding resource estimates and exploration outcomes. Actual results may differ due to technical, economic, or regulatory factors.

  • Kazatomprom Plans Up to 14% Increase in Uranium Production for 2025

    Kazatomprom Plans Up to 14% Increase in Uranium Production for 2025

    Kazatomprom, Kazakhstan’s national atomic company, announced plans to produce between 25,000 and 26,500 tons of uranium in 2025, according to a statement issued on Monday. This represents an increase of 7 to 14 percent over its 2024 output of 23,270 tons.

    The company anticipates that uranium production from most mining operations will see varying percentage declines compared to targets set under existing subsoil use contracts, with these reductions expected to stay within an acceptable deviation of up to 20 percent.

    Additionally, Kazatomprom reported a 10 percent rise in uranium production for 2024, reaching 23,270 tons, compared to the previous year.

    Further details on the company’s financial performance for 2024 will be provided on March 19.

    Kazatomprom serves as the national operator for the export of uranium, rare metals, nuclear fuel, and related technologies.

  • Kazatomprom Updates Strategy for 2025–2034 to Strengthen Global Market Leadership

    Kazatomprom Updates Strategy for 2025–2034 to Strengthen Global Market Leadership

    Kazatomprom, Kazakhstan’s leading atomic energy company, has revealed its updated strategic plan for 2025–2034, aiming to build on the successes of its 2018–2028 strategy. The refreshed goals focus on enhancing the company’s uranium resources, expanding into the rare and rare-earth metals sector, and improving trading operations. The strategy aims to ensure long-term sustainable value creation and strengthen Kazatomprom’s role in the global nuclear fuel cycle. By diversifying its resource base and increasing its market footprint, the company intends to contribute significantly to the global shift to clean energy.

    The updated strategy also emphasizes optimizing current processes and ensuring alignment with global green energy initiatives. As part of the strategy, Kazatomprom will continue to improve its governance practices and maintain a strong commitment to environmental, social, and governance (ESG) principles. The company’s diversified sales portfolio, including an expanded geographic presence, will help safeguard its long-term competitiveness, even as global demand for nuclear energy and critical minerals rises.

    Kazatomprom aims to secure its position as a global leader, expanding its footprint beyond uranium to meet the growing demand for critical minerals, while also making significant contributions to the economic and social development of Kazakhstan and the regions it operates in.

  • What’s Behind Rosatom’s Sale of Stakes in Kazakhstan to China

    What’s Behind Rosatom’s Sale of Stakes in Kazakhstan to China

    What’s Behind Rosatom’s Sale of Stakes in Kazakhstan to China Russia’s state nuclear corporation Rosatom has sold its stakes in three uranium mining joint ventures in Kazakhstan to Chinese companies, amid sanctions risks and financial needs. The sale includes a 49.99% stake in Zarechnoye, a 30% stake in Khorasan-U, and a 30% indirect stake in Kyzylkum joint ventures with Kazakhstan’s national company Kazatomprom.

    The deal appears to be driven by Kazatomprom’s concerns about potential Western sanctions due to its partnership with Rosatom. As the world’s largest uranium producer, Kazatomprom sells 29% of its production to Europe and wants to avoid sanctions complications that could affect its business. For China, acquiring these stakes aligns with its energy security strategy. While the Zarechnoye deposit has limited reserves (3,500 tons of uranium with 3-5 years of operation left), the Khorasan-1 site contains about 33,000 tons. This acquisition supports China’s ambitious nuclear power expansion plans – the country aims to build over 150 new reactors by 2035, adding to its current 54 operating units.

    The deal benefits Kazakhstan by establishing direct producer-consumer cooperation with China, which has both modern mining technologies and investment capacity, unlike Rosatom’s older extraction methods. While some deposits may be nearing depletion, unexplored areas and potential new partnerships with Kazatomprom make this a strategic investment for China’s growing nuclear sector.

  • Ukraine Needs Security Guarantees to Attract Investment in Industry and Mining

    Ukraine Needs Security Guarantees to Attract Investment in Industry and Mining

    To attract investments in industrial production and the lithium and uranium deposits, Ukraine requires security guarantees, says the CEO of Metinvest.

    2025 must become the year of economic recovery, stated Metinvest’s General Director, Yuriy Ryzhenkov.

    For investments in industrial production and mineral resources, security guarantees are needed to attract international investments in key industries. This will provide the country with new jobs and technological opportunities, according to Yuriy Ryzhenkov, the CEO of Metinvest.

    He emphasised that building a people-centric business, where employee and community well-being take precedence over financial success, is crucial for Ukraine’s recovery.

    “We already have over 1,000 veterans and are ready to train anyone interested in jointly building an economically stable and peaceful Ukraine. Victory efforts are being made by workers maintaining production, mobilized soldiers in the armed forces, and even women, some as young as 19, working in mines,” said Ryzhenkov.

    Since the start of the full-scale invasion, Metinvest has directed 8 billion UAH to aid Ukraine and its citizens, according to the company’s website. Of this, 4.4 billion UAH has been allocated for military needs under the “Steel Front” initiative.

  • Kazatomprom Signs Major Uranium Sale Agreement with China

    Kazatomprom Signs Major Uranium Sale Agreement with China

    Kazakhstan-based Kazatomprom, the world’s largest uranium miner, announced on Tuesday that it has finalized a significant agreement with CNNC Overseas and China National Uranium Corporation for the sale of natural uranium concentrates. The cumulative value of this transaction, combined with previous deals with these Chinese entities, represents over 50% of Kazatomprom’s total asset book value.

    While the company did not disclose the volume of the uranium involved, it stated that the deal will require approval from shareholders at a meeting scheduled for November 15.

  • Putin Suggests Limiting Exports of Uranium, Titanium, and Nickel in Response to Western Sanctions

    Putin Suggests Limiting Exports of Uranium, Titanium, and Nickel in Response to Western Sanctions

    On Wednesday, Russian President Vladimir Putin proposed that Moscow should consider imposing export restrictions on key commodities such as uranium, titanium, and nickel in response to Western sanctions. During a televised meeting with Prime Minister Mikhail Mishustin, Putin stated, “Please take a look at some of the types of goods that we supply to the world market… Maybe we should think about certain restrictions – uranium, titanium, nickel.”

    Russia ranks as the fourth largest uranium producer globally, according to the World Nuclear Association. This suggestion follows U.S. President Joe Biden’s recent signing of a law that bans the import of enriched uranium from Russia, a trade valued at approximately $1 billion annually.

    In 2023, the United States and China were the largest importers of Russian uranium, followed by South Korea, France, Kazakhstan, and Germany. Additionally, Russia holds the position of the world’s third largest titanium sponge producer, a material used in the aerospace, marine, and automotive industries, despite having limited domestic titanium reserves. Russia’s Nornickel is also the leading producer of refined nickel worldwide.

     

  • National Atomic Company Granted License for Mineral Exploration at Budenovskoye Deposit

    National Atomic Company Granted License for Mineral Exploration at Budenovskoye Deposit

    The National Atomic Company has been granted a license to explore mineral deposits at Site No. 5 of the Budenovskoye field in the Turkestan region, according to the press center of Kazatomprom. This site is located to the northeast of the southern flank of the field and is considered a promising area for further exploration.

    The company will conduct geological exploration in this part of the Mynkuduk ore district for the next six years. Kazatomprom’s Chairman, Meirzhan Yusupov, emphasized that this new site plays a key role in the company’s strategy to increase uranium reserves.

    Experts anticipate long-term exploitation of the area due to favorable geological conditions and the well-developed transportation and energy infrastructure. Site No. 5 effectively extends the Inkai deposit southward. Preliminary estimates suggest the area holds over 18,000 tons of uranium. Kazatomprom expects a significant increase in resources following the exploration results.

    The company highlighted the high productivity of the ore in this region. Last month, Kazatomprom announced joint projects with Tajikistan’s TajRedMet in the uranium and rare-earth sectors.

  • Goldman Sachs Finds ESG Funds Increasingly Invest in Oil, Gas, and Mining

    Goldman Sachs Finds ESG Funds Increasingly Invest in Oil, Gas, and Mining

    In a recent study by Goldman Sachs Group Inc., analysts discovered that fund managers are progressively including oil, gas, and mining stocks in portfolios registered as ESG. This shift aligns with a regulatory rethink on environmental, social, and governance strategies, allowing ESG investors to hold assets that may become sustainable in the future. The study coincides with criticisms from the US Republican Party, which has accused the ESG sector of blacklisting fossil fuels.

    Goldman Sachs’ analysis, which focused on funds registered under the European Union’s Sustainable Finance Disclosure Regulation (SFDR)—the largest ESG investing rulebook—revealed that fund managers’ exposure to these sectors has increased over the past year. Among Article 8 funds, which manage over $7 trillion in assets, 51% now include oil and gas companies, up from 47% a year ago. For metals and mining, 46% of Article 8 funds hold these stocks, with 32% of Article 9 funds doing the same. This represents a 5% to 6% increase from last year.

    Goldman Sachs analysts noted that while ESG funds remain generally underweight in commodities, there is growing openness to holding metals and mining companies. The upcoming overhaul of SFDR is expected to promote transition investing, allowing funds to hold previously controversial assets if they can demonstrate improvements in ESG profiles.

    The study also highlights a growing recognition of uranium as a crucial mineral for the energy transition, given its role in nuclear energy. Despite recent signs of a wider ESG retreat, with $17 billion in outflows for Article 8 and 9 funds in the first half of 2024, assets in these categories are nearing all-time highs. Additionally, sustainable fixed-income funds saw significant inflows of $115 billion, contrasting with $75 billion for non-sustainable funds.