Kazatomprom presented the prospects for further development of Kazakhstan’s uranium industry to MPs

Kazatomprom hosted a visiting meeting of the Ecology and Natural Resources Management Committee of the Mazhilis of Kazakhstan’s Parliament on the topic “Issues and prospects for the development of the uranium industry”. Members of the Mazhilis, Kazatomprom’s management, representatives of the Ministry of Energy of the Republic of Kazakhstan and other government bodies attended the event.

Participants got acquainted with the exposition on ecology and safety, the latest achievements of the nuclear industry and the main stages of the nuclear fuel cycle – from uranium mining to the manufacture of fuel assemblies.

The Chairman of the Mazhilis Committee, Yedil Zhanbyrshin noted that nuclear energy plays an important role in achieving decarbonization goals. At the same time, he emphasized that Kazatomprom strictly complies with all international standards and adheres to the principles of sustainable development proclaimed by the UN.

Kazatomprom had fulfilled all production and financial indicators for 2023. The сompany also reported on investment projects, the implementation of the water resources management strategy and the scientific and technological development program in the field of rare and rare earth metals, ongoing work on sustainable development and other areas of the сompany’s activities.

“Kazatomprom has the largest uranium reserve base in the industry – 300,000 tons – and is a world leader not only in the production, but also in the sale of uranium. Since its IPO, the company’s market capitalization has increased from $3 billion to $12 billion. By representing Kazakhstan on the international stage, the nuclear holding contributes to the development of the country’s investment climate and increasing its recognition among investors. We will continue to make every effort to increase the efficiency of the company’s activities and develop the nuclear industry in Kazakhstan”, said Meirzhan Yussupov, the CEO of Kazatomprom.

Kazatomprom uses the safest and most environmentally friendly method of uranium mining – in-situ recovery. The company invests significant funds in environmental protection and the implementation of occupational health and safety programs. In 2023, the total expenses for environmental protection measures amounted to KZT 1.3 billion and about KZT 12.5 billion – for occupational health, fire and industrial safety programs.

The company emphasizes the importance of the development of regions and their infrastructure. In 2023, over KZT 580 million were allocated for socially significant projects, and over the last three years – KZT 2.4 billion. In 2024, Kazatomprom will continue to invest in social projects, development and well-being of local residents.

In 2023, there was a 10% increase in the nuclear holding’s sales volumes compared to 2022 and amounted to 18,000 tons, with the revenue of KZT 1.4 trillion. Net profit amounted to about KZT 580 billion.

Regarding the implementation of the President’s messages , it was noted that the company has had a Local Project Office for Import Substitution, which include the consideration of projects for the creation of new production facilities and support of domestic producers. In 2023, Kazatomprom’s subsidiaries and affiliates entered into 50 offtake contracts  for a total of KZT 1.2 billion.

Replenishment of the mineral resource base is one of the priority goals of the nuclear holding. As part of the exploration program on replenishment of the uranium mineral resource base, Kazatomprom is carrying out geological exploration in Turkestan and Kyzylorda regions in order to identify new promising areas.

The company pays great attention to the development of science. Funding of research and development work increases every year. In 2023, the amount of financing within the framework of 1% of license and contract obligations amounted to KZT 2.89 billion.

In addition to its core activities related to the production of uranium products, Kazatomprom sees prospects for the effective development of the rare and rare earth metals industries. In February 2023, Kazatomprom’s Board of Directors approved the Program of scientific and technological development in the field of rare and rare earth metals, creation of new types of products and improvement of technologies for the associated extraction of useful valuable components at Kazatomprom enterprises for the organization of high-tech production in 2022-2029.

One of the important areas of Kazatomprom’s work is creation of a domestic mineral resource base to support the Ulba Metallurgical Plant’s tantalum, niobium and beryllium productions. Thus, in March 2023, a license for exploration of solid minerals at the blocks of Upper Irgiz tantalum deposit was received, and in March 2024 a license for exploration of solid minerals at the blocks of Karadzhal tantalum deposit.

Summing up the meeting, Yedil Zhanbyrshin emphasized that the Mazhilis Committee is open to joint work and proposals aimed at further development of the nuclear industry of Kazakhstan.

For more details, please contact:

Public Relations and Media Inquiries

Askar Atagulin, Director, Public Relations

Tel.: +7 7172 45 80 63

Email: pr@kazatomprom.kz  

Investor Relations Inquiries

Botagoz Muldagaliyeva, Director, Investor Relations

Tel.: +7 7172 45 81 80 / 69

Email: ir@kazatomprom.kz  

About Kazatomprom

Kazatomprom is the world’s largest producer of uranium, with the Company’s attributable production representing approximately 20% of global primary uranium production in 2023. The Group benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 26 deposits grouped into 14 mining assets. All of the Company’s mining operations are located in Kazakhstan and extract uranium using ISR technology with a focus on maintaining industry-leading health, safety and environmental standards (ISO 45001 and ISO 14001 compliant).

Kazatomprom securities are listed on the London Stock Exchange, Astana International Exchange, and Kazakhstan Stock Exchange. As the national atomic company in the Republic of Kazakhstan, the Group’s primary customers are operators of nuclear generation capacity, and the principal export markets for the Group’s products are China, South and Eastern Asia, Europe and North America. The Group sells uranium and uranium products under long-term contracts, short-term contracts, as well as in the spot market, directly from its headquarters in Astana, Kazakhstan, and through its Switzerland-based trading subsidiary, Trade House KazakAtom AG (THK).

For more information, please see the Company website at www.kazatomprom.kz.

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Circle journalist was involved in the writing and production of this article.