Kazatomprom

What Kazatomprom does

Kazatomprom (JSC National Atomic Company Kazatomprom) is the national atomic company of Kazakhstan and the world's largest uranium producer, accounting for approximately 40% of global uranium output with an industry-leading reserve base of 300,000 tonnes amenable to in-situ recovery (ISR). Founded in 1997 by presidential decree, the company operates 14 mining assets across 27 uranium sites in Kazakhstan's Turkestan and Kyzylorda regions, selling natural uranium concentrate (U3O8) primarily to nuclear power utilities and fuel-cycle companies across Asia (~50%), Europe (~25%), and the Americas (~25%). It is dual-listed on the London Stock Exchange (GDRs) and Astana International Exchange since November 2018, with the Kazakh state retaining ~75% control through Samruk-Kazyna JSC and the Ministry of Finance, while ~25% free float supports international institutional ownership.

The company's core technology is in-situ recovery (ISR/ISL/PSV) mining — the only extraction method used across its deposits — which delivers the industry's lowest production costs by injecting leach solution into sandstone aquifers, dissolving uranium in place, and pumping the pregnant solution to the surface for processing, with the operation fully automated and excluding direct human participation underground. Kazatomprom extends ISR leadership through machine-learning-based ore body contouring, automated radiation monitoring (Eurasian Patent No. 044050), ISR process simulation software, and SAP-ERP-integrated digital mine management. Beyond mining, the company is pursuing vertical integration via Ulba Metallurgical Plant (UMZ), which produces fuel pellets and AFA 3G fuel assemblies (Framatome-certified) through the Ulba-TVS joint venture with CGNPC, conversion capacity via Building 600 (Cameco technology), tantalum/niobium/beryllium products for electronics and aerospace, and rare earth processing through SARECO (with Sumitomo).

Kazatomprom generates revenue primarily through long-term uranium supply contracts and spot sales to nuclear utilities, with pricing tied to confidential bilateral agreements (long-term contracts reportedly above $85/lb in 2026, spot around $86/lb in early May 2026). FY2025 production reached 25,839 tonnes (+11% YoY) with sales volumes of 18,500 tonnes (+11% YoY), and FY2025 net profit was 807 billion KZT (down 28.8% YoY from over 1.1 trillion KZT in 2024). The company approved KZT 335.2 billion in FY2025 dividends (75% of free cash flow) and reached a market capitalization above $14 billion in September 2025, reflecting strong tailwinds from rising uranium prices, the value-over-volume production discipline, and strategic contract wins including the ~$4 billion India deal.

Name

Kazatomprom

Legal name

JSC National Atomic Company Kazatomprom (АО «Национальная атомная компания «Казатомпром» / «Қазатомөнеркәсіп» ҰАК» АҚ)

Website

https://kazatomprom.kz

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

Kazatomprom is Kazakhstan's national atomic company and the world's largest uranium producer (~40% of global output), using exclusively in-situ recovery mining across 14 assets in Kazakhstan to supply U3O8, nuclear fuel assemblies, and rare metals to utilities globally.

Ownership category

akta.pro rank

Product category

Uranium Mining and Nuclear Fuel Production

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Basic Chemical Manufacturing (3251)

SIC

Miscellaneous Metal Ores (1090), Industrial Inorganic Chemicals (2810)

akta.pro primary industry

Uranium Mining & Milling (Yellowcake/U3O8 Production) (EUAKACAB)

akta.pro secondary industries

Uranium Exploration & Resource Development (EUAKACAA), Fuel Fabrication (UO2 Fuel Pellets, Rods & Assemblies) (EUAKACAF), Uranium Refining & Conversion (U3O8 to UF6/UO2) (EUAKACAC), Fuel Cycle Support Services (Engineering, licensing support, conversion/enrichment contracting) (EUAKACAL)

Keywords

• Uranium mining
• Natural uranium production
• Nuclear fuel fabrication
• In-situ recovery mining
• Rare earth metals

Headquarters

HQ city

Astana

HQ country

Kazakhstan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Infrastructure, Others

Revenue model

1. Natural Uranium Concentrate (U3O8) Sales: Kazatomprom's primary revenue stream is the sale of natural uranium concentrate (U3O8, also called yellow cake) produced via in-situ recovery mining across its 14 mining assets in Kazakhstan. The company is the world's largest uranium producer with approximately 40% global market share. Sales are made through long-term contracts and spot market transactions to nuclear power utilities globally, with a diversified portfolio approximately 50% Asia, 25% Europe, 25% Americas.
2. Nuclear Fuel Cycle Products (Fuel Assemblies, Fuel Pellets, UF6): Through its subsidiary Ulba Metallurgical Plant (UMZ), Kazatomprom produces fuel pellets and fuel assemblies (TVS) for nuclear reactors, including AFA 3G design assemblies for French Framatome reactors and Russian-design fuel pellets. The Ulba-TVS joint venture with China's CGNPC produces 200 tonnes/year of low-enriched uranium fuel assemblies for Chinese nuclear power plants.
3. Rare and Rare Earth Metals (Tantalum, Niobium, Beryllium): UMZ also produces specialty metals including tantalum, niobium, and beryllium products for electronics, aerospace, defense, and nuclear applications. Tantalum-niobium production is a full-cycle operation from ore concentrate to finished products including sputtering targets, ingots, and powders.
4. Uranium Trading via TH Kazakatom AG: Kazatomprom operates a trading company (TH Kazakatom AG) to strengthen its marketing function and manage global uranium sales distribution.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Kazatomprom is the national atomic company of Kazakhstan and the world's largest producer of natural uranium concentrate (U3O8), supplying approximately 40% of global output through in-situ recovery (ISR) mining across 14 mining assets and 27 development sites. The company also manufactures nuclear fuel cycle products (fuel pellets and assemblies) at its Ulba Metallurgical Plant, produces rare and rare-earth metals (tantalum, niobium, beryllium), and provides geological exploration services.

Product overview

Kazatomprom operates as an integrated nuclear fuel cycle company with a portfolio of products spanning the entire uranium value chain. The core offering is natural uranium production (U3O8) using in-situ recovery, accounting for approximately 40% of global output. Downstream integration includes nuclear fuel cycle products manufactured at Ulba Metallurgical Plant (fuel pellets, fuel assemblies via the Ulba-TVS joint venture), rare metals production (tantalum, niobium, beryllium), and uranium conversion services. Geological exploration is provided through subsidiary Volkovgeologiya. The company also provides access to uranium enrichment services through the Joint Uranium Enrichment Center with Rosatom, and hosts the IAEA Low-Enriched Uranium Bank at Ulba.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Uranium (U3O8) Production Extraction of natural uranium concentrate (U3O8) via in-situ recovery (ISR) across 14 mining assets and 27 development sites in Kazakhstan, with proven reserves of 300,000 tonnes. Supplies approximately 40% of global uranium output to nuclear power utilities worldwide through long-term contracts and spot sales.
• Nuclear Fuel Pellets and Assemblies Manufacture of nuclear fuel pellets for Russian-design reactors and light water reactors, plus AFA 3G fuel assemblies for French Framatome reactors, produced at Ulba Metallurgical Plant (UMZ) and the Ulba-TVS joint venture with CGNPC (200 tonnes per year LEU fuel assemblies).
• Rare Metals (Tantalum, Niobium, Beryllium) Production of tantalum-niobium and beryllium products at Ulba Metallurgical Plant, including metal ingots, alloy additions, rolled products, sputtering targets, and powders. Full-cycle operations from ore concentrate to finished products for electronics, aerospace, defense, nuclear, and medical applications.
• Geological Exploration Services Uranium exploration services through Volkovgeologiya subsidiary, covering prospecting, drilling, and evaluation of sandstone-type uranium deposits across Kazakhstan's six uranium provinces.

Quantifiable outcome

• 40% of global uranium production supplied by Kazakhstan via Kazatomprom
• +4 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

15 partnerships are on record, tiered strategic, core and minor.

• Maire S.p.A. (Italy)strategicStrategic or Co-development Partner · 24 June 2026Memorandum of understanding signed during President Tokayev's official visit to Belgium with Samruk-Kazyna and the Italy-Kazakhstan Trade Association to cooperate on developing sustainable aviation fuel (SAF) production in Kazakhstan. Part of Kazakhstan's low-carbon economy diversification.
• IAEA (International Atomic Energy Agency)strategicStrategic or Co-development Partner · 17 June 2026Kazatomprom co-founded the IAEA Vienna Group. Ulba Metallurgical Plant hosts the IAEA Low-Enriched Uranium (LEU) Bank — a physical reserve of ~90 tonnes UF6 for countries without enrichment capabilities. Kazakhstan supplied LEU to the bank. Kazatomprom also participates in IAEA Innovations in Nuclear Fuel Supply Chain Challenge.
• Cameco Corporation (Canada)coreStrategic or Co-development Partner · 10 June 2026Long-standing JV Inkai partnership (Kazatomprom 60%, Cameco 40%) for the Inkai uranium deposit in Kazakhstan's Turkistan region. Cameco is one of the world's largest uranium producers (~18% global supply). Also JV Ulba Conversion for UF6 conversion (Kazatomprom 51%, Cameco 49%, capacity 12,000 t UF6/year ~17% of global conversion capacity). Cameco suspended Inkai production in early 2025 over bureaucratic approval delays but resumed. The JV is a flagship international nuclear cooperation between Kazakhstan and Canada.
• ČEZ Group (Czech Republic)strategicStrategic or Co-development Partner · 28 April 2026Czech utility exploring long-term uranium supply agreements with Kazatomprom at bilateral business forums. Czech FDI in Kazakhstan rose 39% to $59M in 2025. Six cooperation agreements signed between Kazakh and Czech companies in energy, transport, machinery, and insurance.
• Lindian Resources / RA-Group JV (Kazakhstan)minorStrategic or Co-development Partner · 28 April 2026Lindian Resources acquiring SARECO processing facility in Kazakhstan through 51%-owned JV with RA-Group for $15M. SARECO is a rare earth processing facility integrated with upstream mining from Malawi's Kangankunde project to serve Western-aligned buyers seeking non-Chinese REE supply chains. Part of US-Kazakhstan critical minerals cooperation.
• Lindian Resources / RA-Group JV (Kazakhstan)minorStrategic or Co-development Partner · 28 April 2026Lindian Resources acquiring SARECO processing facility in Kazakhstan through 51%-owned JV with RA-Group for $15M. SARECO is a rare earth processing facility integrated with upstream mining from Malawi's Kangankunde project to serve Western-aligned buyers seeking non-Chinese REE supply chains. Part of US-Kazakhstan critical minerals cooperation.
• Rosatom / TVEL (Russia)minorStrategic or Co-development Partner · 1 January 2026Multiple historical JVs with Rosatom entities including: JV Budenovskoye (with SGCC subsidiary), JV Akbastau (with Uranium One), JV Karatau (with Uranium One). Russia-Ukraine conflict and Western sanctions have strained Rosatom's financial capacity. Rosatom stakes in several JVs sold to Chinese companies (Energy Asia Holdings, China Uranium Development Company) and back to Samruk-Kazyna in 2024-2025. Akdala field transfer to full Kazatomprom management from end of March 2026.
• Orano (France)coreStrategic or Co-development Partner · 1 January 2025Katco JV (Orano 51%, Kazatomprom 49%) operates the South and Tortkuduk sectors of the Moinkum uranium province, producing over 3,700 tonnes of uranium in 2025. Orano is France's state nuclear company and a major global uranium producer. Orano and Kazatomprom also cooperated on the terminated fuel fabrication JV (Orano exited UF6 conversion JV to TVEL in 2021). Orano exited three JVs (JV Akbastau, Karatau, and Budenovskoye) with Kazatomprom's JSC Samruk-Kazyna acquiring the stakes in late 2024.
• China General Nuclear Power Corporation (CGNPC)coreStrategic or Co-development Partner · 1 January 2021JV Ortalyk for Mynkuduk uranium deposit (Kazatomprom majority, CGNPC minority). JV Ulba-TVS fuel assembly plant (Kazatomprom and CGNPC joint venture, 200 t/yr LEU fuel assembly capacity, guaranteed 20-year market in China). Strategic agreements for uranium supply and fuel pellet deliveries. CGNPC acquired 49% of JV Ortalyk in April 2021.
• China National Nuclear Corporation (CNNC)coreStrategic or Co-development Partner · 1 January 2021Long-term uranium supply agreements and JV participation. CNNC is China's primary state nuclear company alongside CGNPC. Strategic cooperation in nuclear fuel cycle development including uranium supply and fuel pellet manufacturing.
• Sumitomo Corporation (Japan)coreStrategic or Co-development Partner · 1 January 2021JV SARECO for rare earth and rare metal processing (Kazatomprom 51%, Sumitomo 49%) at Ulba Metallurgical Plant. JV APP AK with Sumitomo and Kansai Electric for Mynkuduk West uranium mining. Long-standing partnership since 2010.
• Kansai Electric Power Co. (Japan)coreStrategic or Co-development Partner · 1 January 2021APPAK JV (Kazatomprom, Sumitomo Corporation, Kansai Electric) for uranium mining at Mynkuduk West. New uranium supply agreement signed December 2025 during President Tokayev's visit to Japan. Kansai Electric operates 7 nuclear reactors across 3 power stations.
• Framatome (France)coreTechnology or Integration · 1 January 2021Joint certification of Ulba-TVS fuel assembly plant with Framatome. September 2021: Ulba-TVS received certification for AFA 3G design fuel assemblies for French reactor designs. April 2021: Ulba-TVS received certification from CGNPC-URC for fuel assemblies in Chinese reactors.
• Cameco — Uranium Conversion Technology TransfercoreTechnology or Integration · 1 January 2018December 2018 agreement with Cameco provided Kazatomprom rights to uranium affinage and conversion technology. Technologies transferred in January 2020. Investment project 'Building 600' underway at Ulba Metallurgical Plant to implement uranium affinage technology at 6,000 t U/year capacity.
• Toshiba Corporation (Japan)strategicStrategic or Co-development Partner · 1 January 2010Joint venture for research, development, mining, production, and sales of rare metal and rare earth products and materials. Partnership established in 2010 between Kazatomprom, Toshiba, and Sumitomo.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Rosatom / TVEL: Russia's state nuclear corporation and the world's largest uranium enrichment/fuel fabrication player. Historical JV partner with Kazatomprom across multiple uranium mining assets; serves overlapping nuclear fuel customers globally.
• China National Nuclear Corporation (CNNC): China's primary state nuclear company and a major Kazatomprom customer/JV partner. Competes domestically in uranium mining and conversion but is a key strategic buyer of Kazakh uranium concentrate and JV participant.

Direct peers

• Energy Fuels Inc. US-based uranium and rare earth producer with conventional mining and ISR operations. Competes with Kazatomprom for Western uranium supply contracts and in the rare earth processing space.
• Denison Mines Corp. Canadian uranium developer focused on ISR mining in the Athabasca Basin. Competes with Kazatomprom in ISR uranium extraction technology and serves similar North American utility customers.
• Uranium Energy Corp: US-based ISR-focused uranium producer with operations in Texas, Wyoming, New Mexico, and Paraguay. Competes with Kazatomprom in low-cost ISR extraction and serves the North American utility market.
• Paladin Energy Ltd. Australia-listed uranium producer with ISR and conventional mining assets, currently focused on the Langer Heinrich mine in Namibia. Competes in global uranium markets and shares the ISR-focused mining approach.
• China General Nuclear Power Corporation (CGNPC): Chinese state nuclear operator and Kazatomprom JV partner in Ortalyk and Ulba-TVS. Long-term uranium offtake customer and operator of nuclear power plants consuming Kazatomprom-produced uranium and fuel assemblies.
• Cameco Corporation: Canada-based uranium producer with ~18% global market share, JV partner with Kazatomprom in Inkai (60/40) and Ulba Conversion (51/49). Competes directly in uranium mining, conversion, and fuel cycle services.
• Orano: France's state nuclear company operating across the full fuel cycle. JV partner in Katco (51% Orano) and a direct competitor in uranium mining and conversion services globally.

Others

• Yellow Cake plc: UK-listed holding company providing investors physical uranium exposure. Long-term supply contract customer of Kazatomprom (3,100+ tonnes delivered under 2018 agreement) and a key financial vehicle for uranium market liquidity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/NAC_Kazatomprom
• YouTubeyoutube.com/channel/UC5NoCBIU4rm7JLolDEzKDYw
• Facebookfacebook.com/kazatomprom.kz
• LinkedInlinkedin.com/company/js-nac-kazatomprom-
• Instagraminstagram.com/kazatomprom

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kazatomprom