Kazakhstan ramps up uranium production as prices fall

Kazakhstan ramped up uranium production by 13% in the first half of 2025, according to Kazatomprom, the world’s largest uranium producer, reinforcing its position as a global nuclear fuel supplier despite falling market prices and weak sales.

Despite the production boost, Kazatomprom's sales dropped 2% to 7,625 tonnes during the same period. 

"The 24% decline in the spot price during the reporting period had a limited impact on the average realized prices of the Group and Kazatomprom, decreasing by 12% and 8%, respectively, compared to the same period in 2024," the company said in a statement.

Most of the firm’s uranium is sold under long-term contracts indexed to spot prices, with only small volumes traded on the spot market.

Meanwhile, Kazakhstan, which holds around 15% of the world’s uranium reserves, does not use nuclear fuel domestically.

The company continues to mine uranium both independently and via joint ventures. The company went public on the London Stock Exchange in 2019, and 75% of its shares remain under the control of Kazakhstan’s sovereign wealth fund, Samruk-Kazyna.

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